Oireachtas Joint and Select Committees

Thursday, 7 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pat McArdle:

Yes, similar. By the end there was four, a unit of four. For much of the earlier time there was only two, I think, right. So we beefed it up towards the last few years in the knowledge that I would be leaving. Who did I report to? Maybe, rather than give you a misleading ... I can answer that technically and you might get a misleading impression from it. Economists ... as far as I'm concerned the economists in Ulster Bank were in a bubble, which was ... like, out there, right. So who we reported to didn't really matter much ... it was ... the work we were doing was ... diverged from the rest of the bank, and it was used as a utility player and I told you I was external in my focus with some internal demands that had to be satisfied. I initially reported to the chief executive of markets, to his successor, then there was an interregnum period of a year and I reported direct to Cormac McCarthy, the CEO, for a year, then to Robert Gallagher briefly and then to one of Robert Gallagher's reports who ... I have forgotten his exact title.

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