Results 8,361-8,380 of 26,043 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Tell me when you're ready, Mr. Goggin.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: We're on the one page?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Okay. Not quite, but anyway. This deals with the top 10 executives in terms of remuneration and it's following on from the previous questioner. What type of salary and bonus operation was in place for the top executives, including yourself?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: But you might explain, in terms of page 13 that you directed us to in your own opening statement. Why did we go from a situation in '05-'06 where the amount ... 30% of the bonus related to profit before tax and 70% related to cost savings. That dynamic changed in '06-'07, where it became 45% profit and 55% cost. And then, in '07-'08, we suddenly found we had a dynamic where it went to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: But I'm quite happy on the tiered system. But why, between '06 and '07, do we have ... that it was based 45% ... for '06 and '07 ... 45% based on profit, 55% based on costs, and suddenly the following year, '07-'08, that was completely ... all the weighting was put towards profits. Seventy-five per cent your bonus was based on profit and 25% of it was based on costs. And I suppose the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: They're all related to the same thing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: So, therefore, am I correct in saying between '06-'07 you went from being the ... of your bonus, 45% was determined by profit, to 75% in the following year, when effectively loans were ... we were then at a situation whereby that ... the economy and the whole issue of property was on a ... in a decline? And the question I'll ask you again is: how do you justify a bonus of the order of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Personally how do you justify it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Was there any risk element built into the calculation of the bonus?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Can I just go back? The ... just I suppose to bring summary on this issue. You are saying effectively then that the bonus model revolved around in '06, '07, '08, the 75% based on earnings per share profit of the company and, in essence, it was based upon loans performing at a specific point in time. And the risk level of those specific loans in terms of the calculation of your bonus really...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Would you ... In retrospect Mr. Goggin, was that not in terms of looking back at the amount of taxpayers' money that's been put into the Bank of Ireland, was that not foolhardy on the part of Bank of Ireland?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: So I suppose in summary, you feel based on your performance in Bank of Ireland that you were worth €4 million in 2007 by way of salary.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Can I move on to -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: I'm just about to, Chairman. Can I move to B1, Vol. 1, page 55? A very quick question.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: It's about loans. And it says ... this is dated 27 January 2003. It says, second paragraph, ''The objective had been to allow BB to compete more effectively - in particular with Anglo-Irish Bank.''
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Were you chasing Anglo Irish Bank in terms of market share for customers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Well can I in terms-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: But Mr. Goggin you specifically singled out Anglo Irish Bank, right? And I'm asking .. you've told me your answer. Can I move onto -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Can we move onto new territories you spoke about yourself? B2, Vol. 1, page 15.