Results 10,581-10,600 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: And they would all have had the same parent company? They would all be sitting within the Ballymore Group?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Can I take you to the issue of political donations, Mr. Mulryan, which is dealt with on page 18 of your statement? And it's 020 on the system. So it shows donations to public reps, or parties, from the 2001 to 2008 and, by my calculations, the amounts add up to about €128,000 over eight years. And there's a breakdown by party, and it show Fianna Fáil receiving 55.5% of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: -----rationalise that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Sure. And your group also supported Fine Gael, PDs, Labour, but to a much lesser extent, and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: And why would you support political parties, or public representatives?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: And did you ever feel that you gained influence for your business by supporting politicians or parties financially in this way?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Why would you say that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. Can I ask, Mr. Mulryan, in the pre-crisis period, did you or others in Ballymore believe at any time that a property bubble was in the making? Did you at any point see what was coming and start pulling back from investing in the Irish housing market, for example?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: And did you believe there would be a soft landing; that the property reductions would be 10%-20%, as opposed to 50%-60%?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. On the issue of the valuation process that banks would have undertaken, this is an issue the Central Bank looked at after the crisis and they said credit institutions were often negligent and imprudent in the manner in which they requested property valuations, so my question is, did you observe any difference in the rigour applied to valuations sought by Irish banks as opposed to...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: The valuation process by ... by banks, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: The valuation, valuing security and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Okay. Finally, Mr. Mulryan, overall now, when you reflect on what happened, do you believe that Ballymore Properties was a victim of the banking crisis or a contributor to the banking crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: Thank you. Thank you, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Michael McGrath: I've no more questions.