Oireachtas Joint and Select Committees

Wednesday, 6 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Cormac McCarthy:

I'll, I'll take both of your questions, Deputy. The first one is in submitting my statement, my written statement originally, I was trying to address the particular lines of inquiry in factual basis and it had always been my intention to make an opening statement and express regret because that's how I feel and that's how I felt. That's why I said what I said at the outset. So there was no afterthought; in any event, I've always felt this way and I expressed that today. So, my apologies if that creates any confusion but what I said at the outset was heartfelt and I reiterate that point. It was not an afterthought. As regards the €1.1 million, just to clarify and again yes, it was excessive. But that payment in 2008 was in respect of 2007. I received no incentive bonus for 2008, it's just the way it's presented. But to your question, it certainly, with the benefit of hindsight, it was excessive.

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