Results 18,581-18,600 of 27,945 for speaker:Michael McGrath
- Written Answers — Department of Environment, Community and Local Government: Mortgage to Rent Scheme Applications (26 May 2015)
Michael McGrath: 978. To ask the Minister for Environment, Community and Local Government to set out the position regarding an individual mortgage-to-rent case (details supplied) in County Cork; the next steps in the process; the estimated timeframe for its completion; and if he will make a statement on the matter. [20794/15]
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Thank you Chair, you are very welcome, Mr. Hurley. Can I start by asking you in relation to the Honohan report which pointed out that, prior to the financial crisis in 2008, there were no sanctions imposed on credit institutions and none that might be said to have reflected significant prudential concerns. Can you comment on why, in your view as then Governor, as distinct from regulator, no...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay. Professor Honohan examines in detail in his report the separation of the Financial Regulator and the Central Bank, and he arrives at the following conclusion, "Though few would now defend the institutional structure invented for the organisation in 2003, it would be hard to show that its complexity materially contributed to the major failures that occurred." Do you agree with this...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Mr. Peter Nyberg, when he examined the role of the Central Bank pre-crisis, he concluded: "As in the case of the [Financial Regulator] there was a major domestic policy failure at the [Central Bank] in respect of the maintenance of financial stability." Do you agree?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: And what share of the responsibility for that does the Central Bank bear?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Is that a minority share of responsibility? Is it the primary share of the responsibility for the major domestic policy failure in respect of the maintenance of financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Were you the essential guardian of financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But if you were the primary guardian of domestic financial stability, and you accept that there was a major policy failure, then are you accepting primary responsibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: The 2003 Act, Mr. Hurley, set out very clearly in section 26, it inserted a new section 33D in the principal Act, giving the Governor or the board the power to issue guidelines to the regulatory authority and those guidelines had to be complied with by the Financial Regulator. So is it the case that you, as Governor of the Central Bank, had the power to issue guidelines to the Financial...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Where does it say that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Can I just clarify, Mr. Hurley, are you saying that the Act put constraints or limits on the guidelines that you as Governor could issue to the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Is that in the Act?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Is that stated in the Act?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Because the relevant section is very clear and it doesn't put any constraints or restrictions on the guidelines that you had the power to issue to the regulator and I'm putting the question to you, did you have the power for example to issue-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, section 33D. Mr. Hurley is very familiar with it, section 33D of the 2003 Act.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: I'm not sure it's in the core booklet but it's ... it's the Act.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, it does ... I'll read it in full, I think it's important because it does refer to policies and principles which ... which you stated.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But is that your interpretation? I mean, it says you could issue guidelines as to policies that the regulator is required to implement. That's pretty clear: policies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But could a policy not deal with sectoral concentration limits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Would it be fair to describe that as your interpretation Mr. Hurley?