Results 8,761-8,780 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Thank you very much Chair. You are very welcome Mr. Duffy and thank you for your engagement. Just if I can pick you up on a question asked earlier on about I think by Deputy Doherty and the Chair as well. When you joined the bank in late 2011 you said you didn't initiate any review or any internal inquiry as to what happened in AIB and how it came to the fate that it met. Can you say why...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Yes -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Nobody is suggesting carelessness on anyone's part but the board could have requested somebody else to do the review. I don't think anyone is suggesting that you would have come in and prioritised doing a backward looking review, but the board should that had taken over governance who had a lot of new members ... do you know if they considered conducting any internal inquiry or review as to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Okay. Thank you. Can I ask Mr. Duffy in your experience how rare or how exceptional were the confluence of events and factors both domestic and international which lead to the banking crisis in Ireland and indeed elsewhere in September 2008? How rare or exceptional an event was it or was it entirely predictable?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: And relative to our size as a country, was Ireland's banking crisis the worst of 2008 and the subsequent years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: In terms of the changes to the regulatory regime and the legislation that has been introduced in recent years, do you think that we have struck the right balance in terms of those changes and do you believe that we now have a strong and robust regulatory system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Can I ask you about the appropriateness of the transfer in August 2012 of €1.1 billion from the company's balance sheet into your pension fund. The pension fund at the time had a deficit of almost €1.5 billion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: So in return for transferring the assets from the company to the pension fund, what did the company receive in return? Are you saying it received a commercial -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: The commercial value?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: So it was fully arm's length, a market transaction -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: What was the gain so, from the point of view of the pension fund, if it paid market value -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Sure. Okay. And you don't know how much was paid for the face value of €1.1 billion of loan assets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Okay. So it would have been open to the fund to purchase any other assets outside the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Finally, can I ask you about the issue of former executives? And I know that again back in 2012, and I think subsequently, you wrote to about 30 or in excess of 30 former executives suggesting that they consider making a voluntary reduction in their own pension. Would you like to elaborate on the outcome of that? I know you won't give any details about individuals, nor am I asking you to,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Are you prepared to elaborate on what that means? Is that 50% of people agreeing to a reduction, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: And just to clarify, aside from the numbers, the individuals that you wrote to, were they people who had a senior management role within a defined period of the bank's recent history? How did you choose 30-plus names to write to?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Michael McGrath: Thank you. Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Michael McGrath: Thank you very much, Chair, and you are very welcome, Mr. Goggin. I will start by putting some stats on core booklet, BOI - Vol. 2, page 29. It is Project Atlas.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Michael McGrath: Yes. Vol. 2, BOI. It will come up on the screen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Michael McGrath: Yes. Extracts from Project Atlas. I am just really setting the scene, Mr. Goggin. The bank's property loan book was €38 billion at the end of September 2008. Of that, €13.1 billion related to land and development exposures. The top 70 land and development loans represented 39% of the total land and development loan book. My question for you is: how could a traditional...