Results 17,021-17,040 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: And would details of credit decisions ... would the credit committee minutes-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: -----for example, have been included?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Yes. But the risk committee had full oversight in terms of information of-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: -----the extent of property lending.

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: What percentage of Anglo's loan book was ultimately property-related?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: You spoke earlier about land and development being in the region of 26% and that's evidenced in the books. The major category of loans that Anglo presented were investment. And as I understand it, when a loan was provided for a development, once the development was completed, that loan was transferred into investment from land and development. So, ultimately, of Anglo's loan book, what...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Over 90%?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Thank you very much, Chair. I'd like to welcome Mr. Dukes and Mr. Aynsley and if I can start with you, Mr. Dukes, and take you to the decision in February 2013 to liquidate the bank. Can I ask your view now of that decision and whether you believe that greater value would have been achieved for the State if the orderly wind-down of the bank as decided previously, if that had been...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Can I raise the issue of the acquisition of the loans, Mr. Dukes, by NAMA, and Mr. Aynsley referenced this. The discount in the end was 61%, almost €21 billion of a loss crystallised immediately onto the books of Anglo-IBRC. Can you just clarify in terms of the valuations placed on those loans by NAMA, was the bank in a position to challenge any of those valuations or was it a very...

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: Sure.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: There wasn't a negotiation.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: By any means.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Okay. Mr. Aynsley, you say in page 15 of your witness statement, the main one, "I formed the view that much of the comment/challenge from the DoF increasingly became politically motivated." That's quite a serious charge to make. Can I ask you to elaborate on that, please? What do you mean by that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Page 15, after the first paragraph.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Michael McGrath: Yes. So, it's immediately after the top paragraph.