Results 17,101-17,120 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: You don't know the detail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. And was it a breach of regulatory rules as well as a breach of the building society rules?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay, and are you saying that ... prohibited by internal rules? Or was it ever enshrined in regulations?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Well then surely it was a matter that must have been reported to the regulatory authorities. If it was a breach of legislation then the Central Bank and regulator would have been responsible for dealing with that, surely.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. Chairman I think we might examine the board minutes as a committee around that time to see how the issue was being addressed. We'll deal with that separately. Ms. Tinney, you wrote to the members of the society directly in March 2007. That was a time when the board was trying to remove you, as such. Was that the first time that you wrote directly to the members?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: It was.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: So how did you do it? It was by post?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: And they paid for it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Right. And, okay, given that, you know, that was such a-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Please.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. So you raised three specific issues in your letter to the members about the 2003-04 efforts to pursue a deal with Rabobank, that's who you were referring to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: -----the issue of nominating non-executive directors and the transfer of funds into senior managers' pension fund. So those were the three issues that you raised. But you didn't raise any issues or concerns about the strategy, the commercial strategy of the building society at the time and the rapidly growing loan book in terms of commercial property, the land and development book. You...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: And do you regret now not bringing to the attention of members your views, your concerns, about the strategy of the building society?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. And generally, like, was your dissent noted? You spoke earlier on about the need to have, you know, dissent formally recorded in the minutes. Like, did you dissent on board strategy, for example? I mean, for example, we have the commercial business plan 2005-08 which does ... asked the question of the board, do you agree with ramping up the risk appetite. I mean, did you agree with...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: But sure what was the point in being on the board then? You know, if it was a fait accompliand you couldn't influence the direction?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: So did you dissent, for example, on that commercial strategy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. Very finally, you spoke about the credit committee. You were on that from mid-2005 to April '07?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: So almost two years. And did you say earlier on that your recollection is it met once in about 18 months?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: But sure surely you couldn't have a situation were a member of the committee wasn't even told the committee was meeting.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Michael McGrath: Okay. So were there other meetings that you were notified of - but ... but you didn't attend - of the credit committee?