Oireachtas Joint and Select Committees

Thursday, 30 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Fintan Drury:

I have a pretty strong view on this, Deputy ... but I have to be cautious on how I might express it. So, let me be, or attempt to be, cautious and yet at the same time address the question and deal with it as substantively as I can. I think I made a reference to, in my opening statement, I made reference to ... I talked about the, kind of, contract of trust. And I think it is something which, you know, at the risk of labouring it, people just need to understand and accept that if you are taking on a position as a non-executive director, you have no choice but to vest a degree of trust, and I'm not talking about legal issues, I'm talking about ethics, I'm talking about moral responsibility. There is a two-way moral responsibility. I cannot function as a non-executive director of any organisation unless I can presume on the executives providing me with the information I need in order to be able to evaluate what is happening in that organisation. Okay? I think, I hope that people would accept that. Because otherwise, you're second-guessing everything, and you become an executive, and you're in the, you're in the institution or organisation every day of the week. So my, my answer to you is that without being specific or without being ... addressing very particular areas which might by implication identify individuals unfairly, there was a deficit and it's manifest in some of the documentation I've received from the committee.

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