Results 141-160 of 320 for nama speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael McGrath: Okay. In relation to NAMA, Dr. Somers, can I ask you to comment further on your statement, which is on page 8, that, even when loans are transferred to NAMA, participating banks should still be pressed to recover those loans themselves, as they knew "where the bodies were buried". Was there an assumption that the existing management in banks would not be in a position to objectively assess...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael McGrath: ...you to visit Jean-Claude Trichet, given that the Minister would have had regular contact with Mr. Trichet and his officials? This is in relation to the €60 billion sum that you were seeking for NAMA. So can you comment on that and can you give us some background on how the €60 billion figure was arrived at?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael McGrath: Do you still believe, Dr. Somers, that the operation of NAMA played a significant role in Ireland entering into a programme? You wrote an opinion piece in November 2010 on The Irish Times,which was really scathing of NAMA. So ... and you actually said, "What was really brought us to our knees as a country is the inevitable but calamitous consequences of working the NAMA project." You say:...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)

Michael McGrath: And you were pointing the finger at NAMA.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Michael McGrath: ...we are looking at the period from the beginning of 2009 onwards and of all the events that happened in 2009 and 2010, from nationalising Anglo to recapitalisation of the banks, the setting up of NAMA, the entering into the bailout programme in November 2010, I am sure in hindsight there are probably many issues you think could have been handled differently or better. But what stands out...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: In April 2009, the Government announced the initiative to establish NAMA. Were you, as regulator, involved in that decision, or advising the Government as to what the consequences might be for the banks of setting up an asset management-type agency?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: And did you ever envisage that the NAMA initiative would ultimately expose a €42 billion hole in the balance sheet of the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: But NAMA, ultimately NAMA paid €31.8 billion for loans with a face value of €74 billion. So there was a shortfall of €42 billion which the taxpayers had to plug then through recapitalisation. So, did you ever believe in early 2009 that the NAMA initiative would result in, in that type of a shortfall?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Michael McGrath: NAMA didn't create it, but-----

Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion (9 Jun 2015)

Michael McGrath: ...its own sale process. There were a number of alternative courses of action open to IBRC, including seeking the appointment of a receiver or selling on the loans it was owed by Siteserv, which was the main course of action the National Asset Management Agency, NAMA, took when disposing of debtors by selling the loans. There is a counter argument that any move against Siteserv by IBRC...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Michael McGrath: Okay. Mr Parlon, you spoke about NAMA in your opening remarks and you used the term a while ago that they've done a very good job, in terms of the role that they have and the mandate that they have. Does that represent a change in thinking from CIF?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Michael McGrath: And do you think NAMA has got the balance right in terms of working with debtors co-operatively and using enforcement powers where they have to, appointing a receiver and bringing companies down?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Michael McGrath: So you don't support the allegation that was made at the time that NAMA was being set up that it would be a bailout for developers?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Michael McGrath: Yes. The fact that ... of NAMA's disposals, about 90% of the assets have been bought by US private equity firms, what impact does that have on the construction industry in Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Michael McGrath: ...with the Department of Finance and the NTMA officials. And the meeting notes say that the "CIF support the appointment of a ... retired [property] industry professional to the Board ... [of NAMA and the Department of Finance and] NTMA officials indicated [that] CIF should [make] suggestions." Did that happen subsequently?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. We know in relation to the loans that NAMA acquired from the other banks that certain issues arose around loan security, about the documentation, cross-collateralisation and so forth. Obviously we don't have the same oversight in the case of Ulster Bank, but when you did have to review your loan book, and tried to work out bad loans, did you encounter difficulties with the quality of...

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 (30 Apr 2015)

Michael McGrath: Can I take you to the NAMA discounts? So it's on the NAMA booklet, C4b-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Michael McGrath: Yes. NAMA C4b, Vol. 1. And it's just one table, and I'm sure you know this-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Michael McGrath: No, NAMA. But-----