Results 19,061-19,080 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay. And were there any contacts that you're aware of between the Chancellor of the Exchequer, for example, in the UK - I know they hadn't bailed out your bank at that stage - but between them, for example, and the Irish Government in that 24-48 hour period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay, but we can take it that the bank sought to be added to the guarantee as soon as it became aware of the guarantee as such. So on the 30th or perhaps on 1 October.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay. And just to pick up on Deputy O'Donnell's questioning about the direct impact and the immediate impact it had and in terms of your... your deposit base and you make reference to 8 October, the UK Government announced £500 billion bank rescue package and then five days later, the bailout of RBS and Lloyds Bank. Did it ease somewhat after 8 October? What was the critical period,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: There is a reference as well in your statement that around this time, when the guarantee had been issued by the Government, "certain of our Irish bank competitors persuaded a significant number of our depositors to move their money from [Ulster Bank Group] to avail of the suggested greater security provided by the Guarantee." Do you want to elaborate on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Who was doing that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: In the Republic?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: And what were they targeting? Was it corporate deposits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: And did Ulster Bank feel that the guarantee was being abused?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: And how serious did the situation become for Ulster Bank before the UK bailout was announced?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: As you mentioned earlier, Ulster Bank didn't participate in NAMA, so can you advise what happened to the property and development loan book within Ulster Bank?
- 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: So, you wrote them down, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: But while you were there, that loan book was left within the bank and provided for in accordance with market value and the accounting standards.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Yes, a bad bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Okay. Can I just ask about the loan-to-deposit ratio in Ulster Bank Group, which peaked at 211%, as I understand, in 2007? Many commentators would say anything north of 120% is not a comfortable position to be in. How did the loan-to-deposit ratio go so high for Ulster Bank during your time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: My final question, just on the 100% mortgages, did you go beyond 100% in some cases and provide funding for doing up the house and a car loan and buying furniture?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Michael McGrath: Never more than 100% of the purchase price of the property?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Michael McGrath: Thank you very much, Chair, and you are very welcome, Mr. Goggin. I will start by putting some stats on core booklet, BOI - Vol. 2, page 29. It is Project Atlas.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Michael McGrath: Yes. Vol. 2, BOI. It will come up on the screen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Michael McGrath: Yes. Extracts from Project Atlas. I am just really setting the scene, Mr. Goggin. The bank's property loan book was €38 billion at the end of September 2008. Of that, €13.1 billion related to land and development exposures. The top 70 land and development loans represented 39% of the total land and development loan book. My question for you is: how could a traditional...