Results 10,961-10,980 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And, equally, page 27 of the Nyberg report references an inspection by the Financial Regulator in 2006 which looked at a 12-month period from May 2005 to May 2006. It looked at the operation of the credit committee. A quorum of three members was only achieved for two of the 27 meetings, and for four of the meetings, only one member was present.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Is that not a matter of fact which can be established-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----by examining the minutes of the relevant meetings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So, at no stage-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But is it not the case, Mr. Fingleton, that an examination of the documentation which was available to Deloitte, for example, which was available to the Financial Regulator supports the conclusion that on many occasions the credit committee met with one person in attendance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And, Mr. Fingleton, what about the conclusion of the Central Bank's investigation into INBS in July 2015? I assume you're familiar with that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Can I put it to you, Mr. Fingleton, that the Central Bank stated at the conclusion of that process "INBS has admitted to having committed multiple breaches of financial services law and regulation, including persistent failure to comply with its own internal policies and procedures during the [period 2004 to 2008]". This was a five-year investigation commenced in 2010, concluded in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: You don't.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, can I put it to you, Mr. Fingleton, that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Right. Well, the Central Bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: The Central Bank identified a series of breaches, which were admitted by INBS subsequently, underpinned by evidence of more than a thousand alleged instances of INBS breaching its own policies and procedures relating to commercial lending and credit risk management - more than a thousand alleged breaches, supported by documentation, Mr. Fingleton.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Yes, well I put it to you that they are findings of a Central Bank report which includes instances-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: No. I just want to put them on the record - where no commercial loan application was prepared for certain loans or situations where applications were only prepared after funds had been drawn down by borrowers. They refer to instances where loans were not approved by the board of directors, not recommended or approved by the credit committee, not approved in accordance with Nationwide's...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: The personal pension pot of €27.6 million, was that transferred out of Nationwide in early 2007? Are those reports accurate, Mr. Fingleton?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: The pension scheme matured, so the ... as in the investments in it matured?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And what happened to it then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Another vehicle entirely within your own personal control.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And what is the annual pension deriving from that pot?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And would it be normal for a pension scheme of a building society or a bank, which was for the sole benefit of one individual, to then be transferred entirely into the control and ownership of that individual while they remained an employee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Do you feel that you have been wronged, Mr. Fingleton?