Results 16,981-17,000 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and did AIB and Bank of Ireland indicate a willingness to provide such a backup at that meeting? I know no decision was reached but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Is it because it didn't get that far?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and you weren't asked to provide any further documentation or anything like that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Can I ask, Mr. Purcell ... this issue of demutualisation has come up several times today and the expected change in the legislation and this seemed to be the whole strategy really for INBS was to prepare it for demutualisation and a trade sale but, financially, what would that have meant for executives and for directors of INBS? Were there bonus arrangements in place in the event of it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: What would directors have stood to ... to gain?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But it could have formed part of the commercial arrangement with a trade buyer.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: And likely would have. I would imagine that it likely would have formed some aspect of a commercial arrangement if one was entered into.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: So there may have been a financial incentive in place or the prospect of one. It wasn't nailed down but there may have been the prospect of one if a successful demutualisation and trade sale of INBS had ... had been executed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay. You were also company secretary. What role did that involve? What specific responsibilities did you have, as secretary, which were additional to your role as finance director?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Returns.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay and were you a member of any other ... any internal committees within the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: What did that do?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, and finally-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Finally, Mr. Purcell, and given the length of time you spent at INBS, you're probably best placed to answer this question. In your view, looking back now, did Michael Fingleton have excessive influence and control over the operation of INBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: But from a governance point of view, do you believe that he had too much influence and control over the organisation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael McGrath: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Michael McGrath: Thank you very much, Chair. Mr. Drury, you're very welcome. Can I ask why the witness statement you provided, in advance, is so short? You provided a three-page statement; it strikes me as very short.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Michael McGrath: Okay. If I can take you back to the issue of exceptions to group lending policy - and a number of the questioners raised it already - and, on page 3 of Vol. 2, there is an extract from a report prepared by the IBRC special liquidator, and Deputy Higgins has already referred to this. And at the bottom of it, it makes it clear-----