Results 9,401-9,420 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: In a letter dated February 2008 regarding the inspection of commercial property lending exposures, the Financial Regulator "calls into question the adequacy of controls and risk management in place in INBS for large commercial property loans and suggest[s] that a significant degree of approval authority rests with a single individual, Mr Fingleton, who also appears to be the only source of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Sorry, it's on Vol.1, page 43 and 44 but I've quoted it for you anyway. Could you provide your view on the Financial Regulator's statement on what I've just said and did you agree?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Was he the one-stop-shop in terms of underwriting and decision-making?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Do you believe that the degree of approval authority outlined by the Financial Regulator in that letter was appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Do you believe ... do you think that the degree of approval authority outlined in the letter that I quoted was appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: No, I will just quote you that section again. "INBS [this is a portion of it] INBS ... the adequacy of controls and risk management in place in INBS for large commercial property loans and suggest that a significant degree of approval authority rests with a single individual [as opposed to a department or heads of credit, or whatever], Mr. Fingleton, who [it goes on to say] also appears to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Did loans ever, above €1 million, go to the board and be declined in your time on the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: And without getting into any specific loans, can you recite any ... well, can you recall any occasions where, for example, as managing director or CEO, that lending was coming with the recommendation of the head of lending, the managing director, but that the board felt, "No"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: The odd-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: And, occasionally, on the over €1 million scenario, the credit committee, with the managing ... the head of lending, could take a decision if there was an urgency to do it for corporate reasons or whatever, and then it would go to the board at the earliest possibility, Mr. Fingleton was telling us earlier. Can you recall any instances that that happened? And, in all of the instances...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: And just again, to the extent that you can remember, where these exceptional circumstances existed, where something had to be done urgently so that two members of the credit committee, plus a managing director, took the decision, and then the board had to be informed, was there always unanimity? Was this a rubber-stamping exercise?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Sorry, I don't want to lead you either.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Was this a matter of form, the managing director, the head of lending, lent "X" last week. There was nobody around; it wasn't quick enough to have a meeting; so, "Is that agreed? We all agree." Or, was there anybody who said, "No, like, I don't agree, like"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: Would it have been better if such circumstances didn't go, that there didn't be an exceptional circumstance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: It would have been better. Okay. Good. Can I ask, during the period 2003 to 2006 the society's loan book trebled from €3.4 billion to €10.7 billion, in your opinion, was the growth rate prudent and sustainable, particularly in light of the acknowledged fact, it seems, that the society did not have either "a highly developed approach to risk assessment or a sophisticated...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: The Project Harmony report, that's what I'm quoting there.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: If you were a good bet in the past with Irish Nationwide, did you skip the processes of underwriting for future loans?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: No matter how good you were in the past.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Marc MacSharry: So if it took B, as a new customer coming in, three months to get assessed for X loan, then if I, equally, had been a customer for 20 years and paid back all my loans and I was coming for another loan, it still took three months.