Oireachtas Joint and Select Committees

Wednesday, 22 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Fergus Murphy:

In fairness Senator, that activity was commencing or had commenced on my commencement with the organisation and this was a very granular root and cause review of the problems that had emerged with a number of fraudulent or potentially fraudulent scenarios involving various solicitors. To my recall there was 34 priorities or improvements suggested in this report so that it couldn't happen again in the society, in the context of improving internal controls and that's what that is referring to. The, the Medusa report and project is probably ... it probably reflects an organisation that is growing too quickly, that isn't able to keep up with the growth in terms of its internal controls and approach. And in that regard, it's probably useful in an illustrative ... in terms of the overall story one is telling.

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