Results 18,601-18,620 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: But there are also the additional powers that are set out in Governor Honohan's letter, which the Chair referred to earlier on, which were not removed by the 2003 Act.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Mr. Hurley, I think this is the core of it. Is it your assertion that you did not have the power to issue direct policy measures to the Financial Regulator for implementation concerning, for example, capital ratios, sectoral concentration limits, loan-to-deposit ratios, wholesale funding dependancy, 100% residential mortgages? Did you have the power or not, in your view, to direct the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Which are ... relating to the policy-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: That the authority is required to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: And principles, yes they're separate, principles is one thing, policies is another thing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Used.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, you didn't believe the risks warranted that level-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: -----of intervention.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay, but do you now accept that you should have went further than highlighting risks and you should have taken action?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: You say in your opening statement, page 4:The reports from the Nyberg Commission and Regling and Watson suggested ... there was a basis for taking some action by about the end of 2005. In hindsight I agree with this view and I consider now that the Central Bank should have escalated and reinforced its warnings on risks. However, at the time the Bank considered ... its approach in the 2005...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: The issue there is I consider now, so the question is in the context of that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: -----what should you have done?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: What does that mean?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Thank you very much, Chairman. Mr. Hurley, Senator O'Keeffe asked you there about worst case contingency scenarios of a systemic bank failure and you responded in detail. Can I just follow up by asking, in your assessment would the evidential base for the Government decision on the guarantee have been strengthened if such a contingency assessment had been done?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay. Did you say earlier on, Mr. Hurley, that there was an ECB Governing Council teleconference call on 29 September 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Yes, please do, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay. And was Ireland specifically discussed at that meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: I understand.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: Okay. You indicated earlier on that there was considerable contact between yourself and the ECB in the days leading up to the end of September 2008. So, for example, during that teleconference call was it accepted that a significant intervention was going to be needed in the case of the Irish banks on an imminent basis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Michael McGrath: And the ECB was aware that a bank guarantee was one of the options under consideration.