Results 10,761-10,780 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: And they paid for it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Right. And, okay, given that, you know, that was such a-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Please.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. So you raised three specific issues in your letter to the members about the 2003-04 efforts to pursue a deal with Rabobank, that's who you were referring to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: -----the issue of nominating non-executive directors and the transfer of funds into senior managers' pension fund. So those were the three issues that you raised. But you didn't raise any issues or concerns about the strategy, the commercial strategy of the building society at the time and the rapidly growing loan book in terms of commercial property, the land and development book. You...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: And do you regret now not bringing to the attention of members your views, your concerns, about the strategy of the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. And generally, like, was your dissent noted? You spoke earlier on about the need to have, you know, dissent formally recorded in the minutes. Like, did you dissent on board strategy, for example? I mean, for example, we have the commercial business plan 2005-08 which does ... asked the question of the board, do you agree with ramping up the risk appetite. I mean, did you agree with...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: But sure what was the point in being on the board then? You know, if it was a fait accompliand you couldn't influence the direction?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: So did you dissent, for example, on that commercial strategy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. Very finally, you spoke about the credit committee. You were on that from mid-2005 to April '07?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: So almost two years. And did you say earlier on that your recollection is it met once in about 18 months?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: But sure surely you couldn't have a situation were a member of the committee wasn't even told the committee was meeting.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. So were there other meetings that you were notified of - but ... but you didn't attend - of the credit committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. So you were informed of one credit committee meeting in a period of 22 months-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: -----at a time when the society was lending millions of euro-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: -----in commercial property land development? Absolutely. Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Thank you very much, Chair. You're very welcome, Ms Harney and Mr. Gormley. You said there, Mr. Gormley, that the Government was misled by the banks which implies belief, on your part, that the banks knew that the situation was more serious than had been presented. Is that what you're saying?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Sure. When you say a problem, do you mean that they were insolvent?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. But you don't have any evidence for that, it's just a belief.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Ms Harney, do you share that view that the Government was misled?