Results 11,361-11,380 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: A different ... and what was his position? He was-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: And on the other governance issue and sticking with the name Seán FitzPatrick, when he left as CEO and became chairperson of the board in 2005, you were on the board at the time. Was that a move that you supported? Was there a serious discussion on that as to whether it was the appropriate thing to do from a governance point of view - that the outgoing CEO would step straight in as...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Was that as a sub-committee of the board or was it not the board as a collective-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----would have discussed that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: In what forum? How would that ... would they meet separately or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----how would that work?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Right, okay. Just on the issue of exceptions to credit policy, just looking at page 3 of Vol. 2, this issue was touched on earlier on, but the reference at the very bottom of it, which basically is a summary of the aggregate of exceptions to credit policy for the period 2001 to 2008 prepared by ... by the special liquidator, as such, found that of the 1,731 cases reviewed at client level,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: If we look at, like, page 13 of the same booklet, there were some changes to the credit policy in July 2005. So when we talk about exceptions to credit policy, presumably we're talking about exceptions to these type of rules which were in place about maximum loan-to-value across-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: -----the different type of lending.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure. But, I mean, a lot of your answers on this issue and on the issue of security seems to be the case-by-case analysis, but, I mean, I have to put it to you that the basis of making a decision on a case-by-case scenario doesn't seem to have regard to what the policy was. The policy seemed to be breached on a wholesale basis, looking at the figures that we have before us.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Sure. That's a snapshot in 2008, but we're looking at the aggregate position-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: The point I am making is the exceptions seemed to become the norm. If the policy had to be breached that often, then either you weren't following the right policy or it was being-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Policy was catching up with the practice - trying to.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: He said it was discussed at the board, a few months ago.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: It's different.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Michael McGrath: Yes. Thank you.