Results 16,901-16,920 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Fingleton. Can I just start by asking you to clarify what you said about the credit committee and your relationship with it? Did you say that you were an ex officiomember but you didn't attend to keep yourself at arm's length?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And then you did attend from 2008 onwards-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----during the remainder-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----of your term.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Sure.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And, to your knowledge, was the initial approval of any individual loan given by one person?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Not at all.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So you are disputing the finding in the Deloitte report-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----that in many cases the commercial loan application was approved by only one-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----member of the committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And, equally, page 27 of the Nyberg report references an inspection by the Financial Regulator in 2006 which looked at a 12-month period from May 2005 to May 2006. It looked at the operation of the credit committee. A quorum of three members was only achieved for two of the 27 meetings, and for four of the meetings, only one member was present.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Is that not a matter of fact which can be established-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----by examining the minutes of the relevant meetings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So, at no stage-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But is it not the case, Mr. Fingleton, that an examination of the documentation which was available to Deloitte, for example, which was available to the Financial Regulator supports the conclusion that on many occasions the credit committee met with one person in attendance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And, Mr. Fingleton, what about the conclusion of the Central Bank's investigation into INBS in July 2015? I assume you're familiar with that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Can I put it to you, Mr. Fingleton, that the Central Bank stated at the conclusion of that process "INBS has admitted to having committed multiple breaches of financial services law and regulation, including persistent failure to comply with its own internal policies and procedures during the [period 2004 to 2008]". This was a five-year investigation commenced in 2010, concluded in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: You don't.