Results 11,101-11,120 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes. And it wasn't sufficient at the time but, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes, I'm just trying-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: -----to tease out that scenario. You were in charge of the whole deposit area. There were over €51 billion of deposits that you had direct responsibility for. You have conceded that Anglo was facing an existential crisis. The State intervened, as we know; we know what happened since. We don't know the other scenario, which never played itself out.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: So I think it's important just to ask that question. Finally, from the period, March 2008 until the end of September 2008, the liquidity situation was changing very quickly.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: What level of concern did you have over that period of time about the liquidity position of the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Fitzpatrick.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Thank you very much, Chair. Mr. McGann, you are very welcome. Can I just start by asking you about the length of your witness statement. It's only three and a half pages long. You were directed to give evidence on over a dozen lines of inquiry. It strikes me as very short.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Can I ask you to clarify what was in the board packs which were sent to members of the Anglo board in advance of each board meeting? Can you take us through the content of a board pack?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Well from the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: What would it have contained? The minutes of the previous meeting-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: -----sub-committees-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes, but was it practice for the minutes of the sub-committee meetings to be circulated with each board pack?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: And am I right in saying that the credit committee was not a committee of the board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Sorry?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay, so by extension would the board pack have contained the minutes of the risk and compliance committee minutes but not the credit committee minutes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: But the risk and compliance committee-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Michael McGrath: Okay. Can I just take you to Vol. 1 page 31, and this is a draft business plan summary from late 2008, November 2008, and it is for the five years 2009 to 2013. Whatever became of this document? Was it adopted by the board at the time as the business plan going forward?