Results 19,941-19,960 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Approximately 1 billion of those were repaid during the guarantee. That is €1 billion.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: In practical terms what did you expect to happen over those two or three weeks that did not happen?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: For a while, yes.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Absolutely. Do you believe that at that time, in September 2008, the value of the liabilities in the Irish banking system exceeded the real value of the assets?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: That the banks were insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: The guarantee resolved the liquidity issue in the short term at least but one could argue, and it is a fact, the banks were still insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Do you believe with the benefit of hindsight that the banks were insolvent at the end of September 2008?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: They got that and they were still insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: They were all insolvent.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: I know but insolvency is a very particular term with a particular meaning.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Can you name them for the record?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: To clarify, for the record of the inquiry, who do you believe was insolvent at that time?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Professor McDonough is very welcome. Are we pronouncing your name right?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Very good. I thank him for his attendance and participation. I will start by maybe developing a better understanding of his economic outlook and philosophy, which is shaping his opinions, and will put a few questions to him in that context. He referred to the Single European Market. Is he in favour of the Single European Market and of the European Union project, for example? Could he...
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: To move on, Professor McDonough has spoken somewhat positively about the notion of political integration and political unity but what I am hearing from him on all of the other economic pillars and on the monetary union is negative. Is he in favour of free trade within the European Union and the free movement of people and, for example, of capital pillars of the European projects?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: They are not very clear answers. I am getting an analysis but not any answers.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: It is kind of on the one hand and on the other hand. Is Professor McDonough in favour of the euro?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Is there an economy somewhere on the globe that the professor would hold out as the role model?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Is Professor McDonough prepared to name a country that comes closest to his ideology in terms of an economic model?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Michael McGrath: Is there any?