Results 16,761-16,780 of 27,945 for speaker:Michael McGrath
- 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?
- 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: It wasn't actually adopted. Can I just ask you to square a reference in this document on page 31, where it says notwithstanding the recessionary environment:[W]e are confident that given the nature of our business model and appropriate pricing and management of risk, the Bank will continue to generate strong profits and capital. We believe that Anglo [Irish Bank] will be the most profitable...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: When did you realise that Anglo's future as an independent financial institution without any intervention or State support was longer tenable?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. Did you say earlier on in response to Deputy Higgins that correspondence from the Financial Regulator would not have been brought before the board as a matter of course?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Would never have been included with board packs.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Reports such as, for example, risk management reporting - it is on page 55 of Vol. 1 - would that have been included in information which the board would have been apprised of?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: So where would this have sat in the structure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: The risk and compliance committee. You were the chairperson of the audit committee. Is that right, Mr. McGann?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: From what period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Sure. Can I take you to Vol. 2? And we'll start with page 63. Now, the initial report here predates your period, it relates to 2003, but I just want to highlight a couple of issues where at the bottom of page 63, "In 10 [...] of [the] 12 files [examined - this is on the issue of security underpinning loans] no letter from the bank's solicitor confirming that security was complete is...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Was there sufficient follow-up? I mean, if you look at, say, page 68 and 69, which, again, is from January 2007, there are various examples there. Page 68, "We noted 5 (out of 34) cases where items of security specified on the approved credit were either not put in place or were amended without appropriate writtenapproval." Across the page, 69, at the top, "Confirmations of Security[...]...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Hold on now, Mr. McGann. This was a situation where Anglo Irish Bank was lending out millions of euro to borrowers and was accepting verbal assurances that adequate security would be forthcoming.