Results 16,961-16,980 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Where he says, for example, the MD "had been given extraordinary powers by the board [...] many staff reported directly to him." He refers to when the board formally delegated powers "for the practical, effective and efficient management, promotion and development of the bank to the MD", that it was very unusual that that would be done "given its vague and general formulation [...] not...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And do you accept that the board had ultimate responsibility for the running of the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 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. Good evening, Mr. Purcell.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Can I start by asking you ... that following the delegation of authority to the credit committee in December 2007 ... as you know, internal audit carried out two reviews of the operation of the credit committee and the evidence is in the core booklets, Vol. 2. One review in July 2008 covering the period of January to June '08 and the second in January '09 covering the period July to December...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So is the primary reason that they didn’t really have a purpose to meet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay. And is it your view that the credit committee was functioning properly during that key period throughout 2008 and was ... or was it indicative of further weaknesses?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, can I take you Mr. Purcell to the meeting on 7 September 2008 with the regulator, which you say was organised at short notice and you reference it in page 3 of your witness statement? Can you confirm who attended that meeting? I take it that AIB and Bank of Ireland were represented.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And were you accompanied on behalf of INBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and the meeting was organised by the Financial Regulator?
- 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 this was on foot of the report carried by Reuters?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Is that what raised concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, can you just inform the committee the nature of that Reuters report at the time? What did it say?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: How did you interpret that? What did that mean, "making accommodation"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And it was untrue?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And did you ever discover the provenance of that report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and so was the underlying purpose of the meeting on 7 September not valid?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Or were there funding pressures facing INBS as well?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: A liquidity support from the Bank of Ireland.