Results 16,781-16,800 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Was that acceptable to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: It happened a lot in Anglo Irish Bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: We have a report from 2003, which is before your period. We have a reference to a 2005 report, which isn't in the pack but, again, where verbal confirmation was being accepted. And, we have a report from January 2007 citing specific instances, again where written confirmation of security of many loans was not evident.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Finally, Mr. McGann, a report, again in Vol. 1, starting at page 115 - Lending Ireland, Anglo Irish Bank Development Report, April 2007. Where would that report have sat in the structure of governance? Would that report have come to the board? It's quite high level; I would assume it went to board level.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: It is, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Okay. If you look at page 129, for example, where it looks at Galway client analysis, so these are loans, presumably, extended in that area. It goes through unzoned land, €84 million; zoned land, €392 million, without planning; zoned land, with planning, €236 million - that's the whole land area - development with no pre-sales, €342 million; development with...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Where does the buck stop ultimately, Mr. McGann, for the running of the company? Who's ultimately responsible?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: But, for the running of the company and its ultimate performance, is it the CEO or is it the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Not the board, for the overall governance and the running and operation of the company.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: And is the board responsible for the performance of the CEO and his team?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: So, ultimately, in the hierarchy the buck stops with the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: "On the appointment of the executive to deliver on the strategy" but not for the overall implementation of the strategy.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Not the board's?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: But you could argue by extension that the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: -----responsibility of the board ends with the appointment of the CEO.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: I'm unclear, Chairman, but if you want to move on-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: No, nor am I.
- 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: The CEO reports to the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Thank you.