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Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: From what time would you have felt that was the view in the bank? From what period?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: And was that emanating from the top down in the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: The CEO?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: And what was generally the atmosphere like in Anglo say in that month of September? What was it like amongst the staff? Was it crisis management, was it chaos, was it chaotic? What was it like to be head of a division dealing with staff, dealing with customers? Did you feel the end was nigh, what was generally the ... describe to me the atmosphere?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: From the St. Patrick’s Day massacre?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: So there was a real worry-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Sorry yes, so there was a real worry in Anglo-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Sorry, was there a concern in Anglo that you would see people queuing in the streets to take out their deposits?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Can I just very ... just one-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: I will be very quick. There was a dinner with Mr. Cowen, the then Minister for Finance, on 24 April in Stephen’s Green. Were you present at that dinner?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Thank you Chairman. Welcome Mr. McGann.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: This is, Chairman, Vol. 1, page 35 to 48, a document. It's a memo to a board dated 30 January '07. In early 2007 you raised a number of concerns which are summarised and addressed in the memo to the board by Mr. McAteer and Mr. Moran, dated 30 January. Can you please tell the committee why you had these concerns and were they addressed to your satisfaction? That's Vol. 1, page 35. Yes....

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Seldom die of old age.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Do you believe now Mr. McGann that the Anglo model was a flawed model?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Do you believe that the ... and I want to direct you to page 17, Vol. 1 in the same context, it's the Nyberg report, and it said, it's speaking specifically about Anglo ... he speaks about that "there is little evidence that board directors at the time were active in challenging the bank's approach or its pace of lending growth". How do you react to Mr. Nyberg's comments in that regard? And...

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: It's page 17, Vol. 1. It's the first paragraph, 2.5.6 and 2.5.7.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: With due respect, Mr. McGann, in the limited time, you were a member of the board that appointed the former CEO as chair of the same board, which really was in complete contravention of good corporate practice. How do you stand over that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: But were you a member of the board that appointed that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Kieran O'Donnell: Did you approve Mr. FitzPatrick's appointment as chair?

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