Results 19,041-19,060 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Yes. And if you had of -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Even if the other four banks were guaranteed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay. Just on the issue of the subordinated debt as you know, Mr. Boucher, ultimately, in the guarantee there were €12.2 billion of dated subordinated debt included, of which Bank of Ireland had just under €5.2 billion. You may not have this detail to hand, but do you know how much of that fell due and was repaid during the two year guarantee window?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Redeemed at par?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Full payment.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay. Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: And you said in your opening statement that the bank generated capital of around €5 billion from the private sector through liability management exercises. Could that have been higher, perhaps by several hundred million if the date of subordinated debt was not ------
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Sure ... yes. Can I ask you how did the bank ever think it was going to make money from tracker mortgages?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: How big a mistake was that assumption?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: And it's not just your bank, of course, but did you ever estimate on behalf of Bank of Ireland what the cost to the bank was in engaging in tracker mortgages to the extent that you did?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: But in the history of the bank over the last ten to 15 years, and I'm speaking from the bank's ... I'm asking from the bank's point of view not of course, the customers' point of view ... where does it rank in terms of mistakes that were made - property lending development, the UK liquidity, trackers-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Of course, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Yes, thank you very much, Chair. You're very welcome, Mr. McCarthy. Can I just clear up one thing with you? And that is in the immediate aftermath of the announcement of the guarantee, you said you met Minister Lenihan the following day. Was that on the Tuesday, the 30th?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Yes, okay. And just the day after that again, Minister Lenihan, in the Dáil, in response to a number of Deputies when the Credit Institutions (Financial Support) Bill 2008 was being discussed, a number of Deputies raised the impact of the guarantee on non-Irish banks, including Ulster Bank. The leader of the Opposition, Enda Kenny, raised it as well, and Minister Lenihan said on that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: On 30 September?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay. And were you lobbying politically as a bank? Were you making representations to politicians to be included in the guarantee?