Results 18,521-18,540 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: I think one of the key questions that a lot of people would like answered is: did the Financial Regulator have the power and if it wanted to do so, could it have halted the amount of lending that the banks were engaging in to the property and construction sector?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: But it wasn’t done.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Thank you, Chair. You're very welcome, Mr. Horan.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Can I start by asking did you judge the IMF country reports and OECD reports as an important information instrument to aid in banking regulation and banking supervision and financial stability issues?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Thank you. There may be a view that the approach of principles-based regulation arose from the new structure in 2003 but you state in your opening statement "The core strategy of IFSRA was a 'principles-based' approach. It was a continuation of the approach to supervision, previously adopted by the Central Bank." So, can you clarify, in your view, since when - in Ireland - was there a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay and the origin of it ... the ultimate origin of it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Legislation, European guidance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Established practice?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay. In your opening remarks - and I don't believe it's in the witness statement - but you made reference to an Irish Timesarticle which cited an instance of you knocking on the door of Mr. Neary when you became prudential director and highlighting concerns and looking for action. You quoted it, presumably from the perspective that it's accurate, so can you tell us in your own words what...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: And just to clarify, you felt that it was the most important issue and that issue being higher capital charges for high loan-to-value mortgages?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay. And apart from that paper which originated in August 2005, which at the time was rebuffed - it wasn't adopted at that point - are there other examples of measures you proposed during your time as head of banking supervision which you wanted to have implemented but which weren't implemented?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay, did you take specific measures on concentration risk, on the risk of the banks lending too much to one sector? Did you propose and initiate specific measures on that concentration, key concentration risk-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Michael McGrath: Finally, finally, Chair, if I may. And Senator MacSharry raised this but, can you just be as specific as possible on that May 2008 request by Ms Burke for additional staff resources. Where did that hit a roadblock?