Oireachtas Joint and Select Committees

Wednesday, 6 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of John Paul PhelanJohn Paul Phelan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I want to, in my brief time that's left, reference mostly core document B4, pages 21 and 23. There's a continuous theme throughout a lot of the documents provided by Bank of Ireland that there was inadequate credit skills in the bank at precisely the time that credit was expanding rapidly. There's a quote on page 23 that I want to reference, near the bottom of that page, "A review of the Legal Services Unit identified a backlog of files, some with serious issues, which could expose the Bank to significant risk."

And again on page 23 it says that senior business managers and business managers the level of unsatisfactory reports had doubled, and further on, on the bottom of page 21, "A number of control issues were also identified within the Tele Media team within Corporate Banking." Can you remember what the serious legal issues were? Were they dealt with? There's also a reference to disciplinary issues having to be taken. Can you remember those being discussed at the time? The reference I think is in the middle of that page 21.