Results 11,001-11,020 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Some of the contents of that Central Bank statement are extraordinary, and I would just put it to you, Mr. Walsh, that elements of it at least are backed up by the contents of the core book list that we have. I mean, if we look at the Deloitte report, for example, of May 2008, Vol. 1, page 51 ... or 71, in terms of the overall booklet, "No Credit Committee approval was present on a number of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----evidence in the booklets of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----these issues.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: In your experience as chairperson of the building society, was there ever a situation that you came across, or that you would have been informed of, where a credit committee meeting took place with one person present?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But just on that specific one.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: You're giving a general answer to a specific question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----which was about ... did the credit committee ever meet with one person present? Mr. Fingleton said it didn't. Can you answer: did it or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Right. Do you accept the conclusions of the Nyberg report in respect of the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Where he says, for example, the MD "had been given extraordinary powers by the board [...] many staff reported directly to him." He refers to when the board formally delegated powers "for the practical, effective and efficient management, promotion and development of the bank to the MD", that it was very unusual that that would be done "given its vague and general formulation [...] not...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And do you accept that the board had ultimate responsibility for the running of the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Thank you very much, Chair. Good evening, Mr. Purcell.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Can I start by asking you ... that following the delegation of authority to the credit committee in December 2007 ... as you know, internal audit carried out two reviews of the operation of the credit committee and the evidence is in the core booklets, Vol. 2. One review in July 2008 covering the period of January to June '08 and the second in January '09 covering the period July to December...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So is the primary reason that they didn’t really have a purpose to meet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay. And is it your view that the credit committee was functioning properly during that key period throughout 2008 and was ... or was it indicative of further weaknesses?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, can I take you Mr. Purcell to the meeting on 7 September 2008 with the regulator, which you say was organised at short notice and you reference it in page 3 of your witness statement? Can you confirm who attended that meeting? I take it that AIB and Bank of Ireland were represented.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And were you accompanied on behalf of INBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and the meeting was organised by the Financial Regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And this was on foot of the report carried by Reuters?