Results 17,361-17,380 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: -----at number one and not what the banks did themselves-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Yes, undoubtedly.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Mr. Dunne-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: -----your assessment of where responsibility rests and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Thank you, Mr. Dunne.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Thank you very much, Chair. You're very welcome, Mr. Mulryan. Can I start by taking you to page 6 and 7 of your witness statement where you refer to a number of dates that Ballymore would have been involved in for high-profile sites, namely, the Irish Glass Bottle site and the Jurys and Burlington hotel sites? And you state that Ballymore was unsuccessful in each case and you were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay, and that was pushing up the price?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: And what was driving that desire for trophy sites, as you put it, which may not have been commercially viable at all at the levels that were being paid? Is that something that you would have experienced in the UK, for example, to the same extent-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: -----when you were bidding for sites-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Okay, okay. Mr. Mulryan, can I take you to page 11 of your witness statement - which is 013 on the system here - and it just gives an overview of Ballymore's borrowings at the end of September 2008 or an estimate thereof, because of the management accounts that you had at that time, and it shows total indebtedness of ... of just under €2.4 billion, of which Anglo Irish Bank accounted...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: And was their process of loan approval similar to the other banks in your experience or did you find it easier to get approval in principle if you had to make a quick decision on investing in a project? Were there any differentiating features between Anglo's approach and the other banks in Ireland that you would have dealt with?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Or was it just a relationship you built up?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: You did.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: And typically, how long would it have taken to get approval in principle for funding for a project that you were looking to promote? Even verbal ... a verbal assurance that, yes, funding will be forthcoming? Are we talking days, weeks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: How long? Never?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Michael McGrath: Before you'd have any indication from the bank?