Results 16,921-16,940 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, can I put it to you, Mr. Fingleton, that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Right. Well, the Central Bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: The Central Bank identified a series of breaches, which were admitted by INBS subsequently, underpinned by evidence of more than a thousand alleged instances of INBS breaching its own policies and procedures relating to commercial lending and credit risk management - more than a thousand alleged breaches, supported by documentation, Mr. Fingleton.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Yes, well I put it to you that they are findings of a Central Bank report which includes instances-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: No. I just want to put them on the record - where no commercial loan application was prepared for certain loans or situations where applications were only prepared after funds had been drawn down by borrowers. They refer to instances where loans were not approved by the board of directors, not recommended or approved by the credit committee, not approved in accordance with Nationwide's...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: The personal pension pot of €27.6 million, was that transferred out of Nationwide in early 2007? Are those reports accurate, Mr. Fingleton?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: The pension scheme matured, so the ... as in the investments in it matured?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And what happened to it then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Another vehicle entirely within your own personal control.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And what is the annual pension deriving from that pot?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And would it be normal for a pension scheme of a building society or a bank, which was for the sole benefit of one individual, to then be transferred entirely into the control and ownership of that individual while they remained an employee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Do you feel that you have been wronged, Mr. Fingleton?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: In what way?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Feel that you have been wronged?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And the central allegation, Mr. Fingleton, which has been put to you is that you operated Irish Nationwide as a personal fiefdom, that it was your project, you were in control, any decision of any significance was made by you, you called all the shots.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And is it your evidence-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And is it your evidence to the inquiry that not a single loan was extended by Irish Nationwide without either the prior approval of the board or the subsequent noting by the board of that loan?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: My question is very specific, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And finally, in many instances would the board have rejected the recommendation of the credit committee to provide a loan to a borrower?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But it did happen.