Results 19,381-19,400 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And the more accelerated wind-up wouldn't be the optimum strategy, in your view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: Yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: Okay. Final question. During the course of your work you identified a lot of assets which were essentially put beyond the reach of NAMA, and you successfully reversed many of those transactions and brought them within the ambit of NAMA. Can you characterise the nature of some of those transactions and give us any information you have on the scale of such transactions which you've managed...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: Just to clear up one point there in response to Senator O' Keeffe, Mr. McDonagh. I just wasn't entirely clear on what you said to the question of whether you raised your concerns with your direct superior, Dr. Somers, in terms of the model of Anglo, INBS and the potential solvency issues in September 2008. Were they raised directly with your superior?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: The question is clear.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: In which you would have expressed your views?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: I am talking about the autumn of 2008, as opposed ... what I am talking about immediately in the lead-up to late September 2008. You expressed a view earlier that in your view Anglo-INBS should have been nationalised. You expressed scepticism about the model that they were pursuing and about the solvency and I am asking you directly, did you convey those views to your superior, Dr. Michael...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And you have no idea then of where they went, if anywhere, from there? The relationship you said was between the NTMA and the Department was between the CEO and the Minister, is that what you are-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: Okay, so you wouldn't have had any involvement.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: Okay ... but ... okay. Mr. Daly, can I just ask about the issue of the manner in which banks competed with each other to lend to the top developers in the country? We have spoken a lot about personal guarantees, cross-collateralisation, but to what extent was there intense competition from the banks to get the biggest clients, to bankroll or finance the largest developments in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And to what extent do you believe-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And to what extent do you believe that the availability of funding for the banks at the wholesale level, the funding coming into Ireland on the interbank market, for example, to what extent did that play any role in the bank subsequently lending that on to the end borrowers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And to what extent, for either of you, was there evidence that the banks were lending money - huge sums of money - to borrowers without knowing the full exposure of that borrower to other banks ... that bank X was lending money, not knowing that the person already owed bank Y several hundred million euro? To what extent did they have a full handle on the overall indebtedness of the people...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And to what extent did the banks have access to experts in the area of property? To what extent did they have those resources in-house? You referred in your opening statement to the laws of gravity. So when the banks were looking at their overall exposure to the property and development sector, did they have in-house expertise in the property area. And also looking at individual loans...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: That's okay. I'll leave it there, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: l will be brief, Chair. Mr. McDonagh, you correctly stated the Government statement on Tuesday, 30 September 2008, made no reference to any consultation or advice with the NTMA in terms of the decision in the early hours of that morning to guarantee the banks. You mentioned that Mr. Corrigan and Dr. Somers were travelling on that evening so they weren't available to attend Government...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: Okay, and was there any telephone contact between you and those gentlemen while you were waiting in Government Buildings on that night of Monday the 29th?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: And to the best of your knowledge there was no direct contact from the Department of Finance or the Department of the Taoiseach with either of them during those crucial hours in question?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: So would it be fair to say that there was no direct input by the NTMA on the night in question in terms of the decision that was made, on the night in question?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)
Michael McGrath: None.