Results 11,021-11,040 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Is that what raised concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, can you just inform the committee the nature of that Reuters report at the time? What did it say?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: How did you interpret that? What did that mean, "making accommodation"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And it was untrue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And did you ever discover the provenance of that report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and so was the underlying purpose of the meeting on 7 September not valid?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Or were there funding pressures facing INBS as well?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: A liquidity support from the Bank of Ireland.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and did AIB and Bank of Ireland indicate a willingness to provide such a backup at that meeting? I know no decision was reached but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Is it because it didn't get that far?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and you weren't asked to provide any further documentation or anything like that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Can I ask, Mr. Purcell ... this issue of demutualisation has come up several times today and the expected change in the legislation and this seemed to be the whole strategy really for INBS was to prepare it for demutualisation and a trade sale but, financially, what would that have meant for executives and for directors of INBS? Were there bonus arrangements in place in the event of it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: What would directors have stood to ... to gain?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But it could have formed part of the commercial arrangement with a trade buyer.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And likely would have. I would imagine that it likely would have formed some aspect of a commercial arrangement if one was entered into.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So there may have been a financial incentive in place or the prospect of one. It wasn't nailed down but there may have been the prospect of one if a successful demutualisation and trade sale of INBS had ... had been executed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay. You were also company secretary. What role did that involve? What specific responsibilities did you have, as secretary, which were additional to your role as finance director?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Returns.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay and were you a member of any other ... any internal committees within the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: What did that do?