Results 9,821-9,840 of 10,460 for speaker:Gerry Horkan
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: A lot of personal money was put in to shore up the company.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: GRG continued to ask for more money. That money was sitting in group bank accounts of the entity that the GRG group was controlling-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: -----through a particular individual. Was that individual there on a full-time basis?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: He did not sign the cheques physically, but a transfer would not have been processed by the bank without his say so.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: I apologise for having to go over some of this stuff but it is important we go through it. The company's overdraft was then reduced and its operational capacity was massively reduced. Ms Lavin referenced the phrase "if the company has not de-funded we can engineer one", which is quite frightening. Looking back on it - I am sure this was not Ms Lavin's perception at the time - they never...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: I know that Ms Lavin's company did not have assets worth €3.3 billion.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: On a global basis, RBS, and Ulster Bank being a part of it, engineered situations where it defrauded, although I accept that "defrauded" might not be the right word, or rather made it so difficult for its customers to survive that it was able to take their assets from them and transfer them to a different division of its own bank-----
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: -----to do with what it liked, at a profit.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: Was it standard practice historically?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: In RBS at this point. It was not well-established banking practice, that we are aware of, historically.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: This is a bank that was substantially under the control of the UK taxpayer at the time.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: GRG was portrayed to us as the leftovers of the bad loans that were not performing. It was the stuff Ulster Bank wanted to rid itself of. The committee has had other evidence given to it privately of hotels and other businesses that were performing well in terms of their existing loans and agreements with the banks but ended up in GRG which was then sold on to a vulture fund, following...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: We have heard that approximately 5% of the 2,100 survived within Ulster Bank. In other words, only 5% reverted back to Ulster Bank.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: Of the 95% that did not revert back, did any survive with a vulture fund or did they all end up losing everything?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: Are all the businesses that they took from Ms Lavin no longer operational? Are the garages, hotels and so on closed or have they been sold on and are they operational?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: The physical properties might exist but the business is gone.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: Under a different brand.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: The plan was to get a different franchise and continue on.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: It is stated in the report that Ms Lavin sold a main franchise for €1.6 million, in respect of which the Revenue was due €650,000 but GRG did not pay that money to Revenue.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Business and Banking: Discussion. (26 Jan 2017)
Gerry Horkan: In that regard it is further stated in the report that this was used as a tool to make the Revenue appoint a receiver. In other words, GRG could not do it but it made the business's relationship with Revenue so difficult that Revenue appointed a receiver and that suited GRG.