Results 8,661-8,680 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Well it seems to draw a distinction.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: And your reference to both of those institutions as the most aggressive lenders in the market, undoubtedly affecting the way other market participants conducted their business, and you've told a number of anecdotes around the Anglo story and the how it, perhaps inadvertently, impacted on the way AIB conducted its business. But for ... I suppose for many people watching the proceedings, they...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Sure. Can I ask you Mr. Gleeson, when you state that it was your view then, and remains your view now, that AIB was solvent at the end of September 2008. What is your definition of solvency?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: And if your assets exceed the value of your liabilities -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: You said earlier on that the real trouble was in 2009 in terms of the collapse in property values, but can I put it to you and your assertion that AIB was solvent at the end of September 2008, that less than three months later on 21 December 2008, the Government made an announcement that there would be a capital injection of €2 billion into AIB.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Less than three months later.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: But why was that necessary if the bank was fully solvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Sure. You describe in detail how the risk function worked within the bank and you cite for example that the risk function had between 150 and 200 people at its peak perhaps -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: ----- and you had a chief risk officer and so forth.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: And the audit committee had a very important role, and the top ten risks were presented to the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Was the risk of excessive exposure to the property and development sector -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: ----- regularly featuring in that regard?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Can I ask you, Mr. Gleeson, about the issue of interest being rolled up and that practice? Because I think some light was shed on that yesterday by NAMA that, for example, of the €74 billion of par value of loans they acquired, €9 billion of that was actually just interest being rolled up and that €9 billion more or less related to the €40 billion in the land and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Yes. To be fair to you it says that the information was not available from the bank's accounting system and that a manual exercise would be required to obtain that information.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Many of those loans, as we now know, were being recorded as being fully performing, even though not a cent was being repaid on them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Across the system.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Very briefly Chairman. On the night in question, 29 September, you cite a number of examples whereby you had the clear impression that a different solution would be found for Anglo and INBS, that they would be either taken out or nationalised.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: Who gave you that clear impression?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: You are very welcome Mr. Forde. You were no longer MD of AIB ROI in late January or February 2009 but you remained with the bank until November 2009. What was your position during those nine months?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Michael McGrath: What was your day-to-day work? Did you have any responsibilities?