Oireachtas Joint and Select Committees

Thursday, 30 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

Okay. Thank you very much, Senator, I am going to move to wrap things up. Mr. Drury, in doing so, can I just put one question to you myself and then I'll invite the leads in subsequently. Mr. Drury, your testimony of this afternoon would indicate that you were unfamiliar or not aware of the following: key concerns expressed by the Financial Regulator about commercial property lending activities, the levels of exceptions of lending policies, the experience needed to manage a fast-growing monoline bank such as Anglo, broader implications of the rapid growth in lending and profits of Anglo, implications of lending to such a concentrated number of developers, the extent of breaches in regulatory sectoral lending limits, the extent of interest roll-up within the Anglo loan book, the implications of combining the roles of CRO and financial director. Mr. Drumm, or sorry, Mr. Drury, my apologies. Mr. Drury, can I ask you to explain to this committee what role and purpose did you provide for Anglo?

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