Results 17,601-17,620 of 26,053 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Kieran O'Donnell: So, typically, what? €2 billion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Kieran O'Donnell: So you'd be talking that 15% of your entire loans issued in 2015 ... in 2005 went to the Ballsbridge site, which had ... appears to have had no planning permission in place. How would that have arisen? How would that satisfy due diligence requirements?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Kieran O'Donnell: Well, it's the process I'm more interested in. I'm not talking about ... but the process, that you have a loan here making up 15% of the entire loan book issued, the land development in 2005, a site with no planning permission. So the question I'm asking, what due diligence process would you have gone through when you're saying it would have been heavy due diligence? How would these two...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Kieran O'Donnell: And you would have made a recommendation to the RBS board ... this particular ... if it went to the RBS board, you would have been making recommendation that this loan would be granted?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (6 May 2015)
Kieran O'Donnell: Correct.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Thank you, Chairman, and welcome, Mr. Goggin. Mr. Goggin, could I direct you to document B5, Vol. 1 and this document basically-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Vol. 1.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: B5
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Page 3. Now, this document deals with-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Tell me when you're ready, Mr. Goggin.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: We're on the one page?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Okay. Not quite, but anyway. This deals with the top 10 executives in terms of remuneration and it's following on from the previous questioner. What type of salary and bonus operation was in place for the top executives, including yourself?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: But you might explain, in terms of page 13 that you directed us to in your own opening statement. Why did we go from a situation in '05-'06 where the amount ... 30% of the bonus related to profit before tax and 70% related to cost savings. That dynamic changed in '06-'07, where it became 45% profit and 55% cost. And then, in '07-'08, we suddenly found we had a dynamic where it went to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: But I'm quite happy on the tiered system. But why, between '06 and '07, do we have ... that it was based 45% ... for '06 and '07 ... 45% based on profit, 55% based on costs, and suddenly the following year, '07-'08, that was completely ... all the weighting was put towards profits. Seventy-five per cent your bonus was based on profit and 25% of it was based on costs. And I suppose the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: They're all related to the same thing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: So, therefore, am I correct in saying between '06-'07 you went from being the ... of your bonus, 45% was determined by profit, to 75% in the following year, when effectively loans were ... we were then at a situation whereby that ... the economy and the whole issue of property was on a ... in a decline? And the question I'll ask you again is: how do you justify a bonus of the order of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Personally how do you justify it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)
Kieran O'Donnell: Was there any risk element built into the calculation of the bonus?