Results 16,941-16,960 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Mr. Walsh, you are very welcome. Can I start by asking you about KPMG's annual statutory duty confirmation letters to the Financial Regulator for each of the years 2004 to 2007, inclusive? And they are in the booklets in Vol 1. And they note instances of breaches and errors in each of the sectoral returns, prudential returns and large exposures reports made by INBS to the regulator. Can I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Sure, but you accepted that there were repeated regulatory breaches, which the auditor-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----had to report.
- 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: Okay. Earlier today Senator O'Keeffe raised with you the Central Bank investigation which concluded in just July of this year. You didn't really engage in respect of that report because you said you weren't interviewed. Is that right? You weren't ... your views were not sought.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But that aside do you contest the substance of the findings?
- 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: Well, you might have seen the exchange I had with Mr. Fingleton earlier on and the published statement by the Central Bank in July went through the seven different headings where breaches were identified, including the initial loan application stage, loan approval, taking of security, the role of the credit committee, and it goes on to say these breaches, admitted by INBS, are underpinned by...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Right.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So when they cite instances where there were no commercial loan applications prepared, where the situation is where applications were only prepared after the funds had been drawn down, you would never have encountered anything like that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Well, I don't know. You tell me.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Right, but you would have a board pack and you would have minutes of the various meetings. Presumably, you would be entitled to ask for any document that you wished to see and which you felt was necessary to perform your duties as director.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Some of the contents of that Central Bank statement are extraordinary, and I would just put it to you, Mr. Walsh, that elements of it at least are backed up by the contents of the core book list that we have. I mean, if we look at the Deloitte report, for example, of May 2008, Vol. 1, page 51 ... or 71, in terms of the overall booklet, "No Credit Committee approval was present on a number of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----evidence in the booklets of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----these issues.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: In your experience as chairperson of the building society, was there ever a situation that you came across, or that you would have been informed of, where a credit committee meeting took place with one person present?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But just on that specific one.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: You're giving a general answer to a specific question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: -----which was about ... did the credit committee ever meet with one person present? Mr. Fingleton said it didn't. Can you answer: did it or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Right. Do you accept the conclusions of the Nyberg report in respect of the building society?