Results 17,941-17,960 of 26,148 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: AIB B5, Vol. 1.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Yes, page 3. And that speaks about the remuneration committee and the structure ye put in play in March 2005, where you basically linked the shareholder ... the bonus for top management to the earnings per share.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: But 50% of the share was if they ... the earnings per share, so the point is, were ye chasing the dragon? Were ye basically, with the earnings per share, looking for property? So, was your structure completely not factoring proper risk into account?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: My question really is, is that, in all the documents, ye are saying in one breath that ye are, in this proposal, your structuring plan, that you were misguided, and yet I find the remuneration committee report here saying that you put a structure in place where the bonuses were placed around the earnings per share-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: -----which were driven by property------
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Did they make it prior to ... we'll say prior to 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: And finally, what view did you take on the report from ... on this report you commissioned, Mercer Oliver and Wyman?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Well, what weight ... in terms of the board, what should ye have done, in hindsight, on risk, that ye didn't do on property?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Thanks, Chairman. I want to welcome Mr. Forde. Mr. Forde, can I ... is it fair comment to say that the division over which you were managing director, which was the Irish division, was the division that caused €20 billion of taxpayers' money to be invested in AIB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: You'd accept that responsibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: And you spoke about risk, and I just want to go through the area of risk. On page 3 of your statement you have provided. Am I correct in saying that, below the level of €40 million, that there was ten executives around Ireland in AIB that could effectively both take the application and agree the loan?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Yes, well, you mentioned ... you said, "...only ten executives had individual lending discretions of more than euro 8 mil and this level of discretion generally only applied to the higher grade credit cases." The question I'm asking is, were there people within AIB that, if someone came in to them in a branch anywhere, one of ten, if someone came in to them with a loan of €39 million,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Well, what was the situation, then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: But were they based in the branch?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Where would they be based?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Centrally based in-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: But you had people that were based ... that would have discretion up to €40 million of a loan?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: Can you explain how that your loan book in your period ... you were CEO of the Irish division from 2002 to 2009, correct? Your loan book went up from about €76 billion, from 18% in terms of property of the overall loan book, to 37%; it more than doubled and ... which was €49 billion at the time. And, of that, €22 billion of that was land and development and €17...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: And is it fair to say, Mr. Forde, that ye became salesmen rather than prudential bankers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Kieran O'Donnell: In the way ... in the approach that how you, we'll say, operated, were ye more concentrated ... the formula ... were you very much driven by sales growth in terms of the loan portfolio, and that the prudential, old style lending wasn't ... didn't form part ... as large a component as it would have previously. Could you comment on that?