Results 18,741-18,760 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Well, too high a proportion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes. But you also said it did not grow in a disproportionate fashion.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Okay. Can I just put a number of, of points to you, from, from this particular meeting, which was December 2007.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: It says:Property now accounts for 44% of all non mortgage lending. [44%] The levels of property exposure ... within our book are increasing at a faster rate than other sectors. Figure 1 below it shows, our exposure has grown from €29.5 [billion] in March 07 to €33.5 [billion] in September 07 and from 23% of the book to 25%. If you move on to page 97, there's a reference to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: But is there not evidence there that the exposure to that sector was growing in a disproportionate fashion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Sure. And property being 44% of all non-mortgage lending, was that too high?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Of all non-mortgage lending.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: The absolute amount?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: But not the proportion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: But why do you feel it so important to, to emphasise the point that property was not too high a percentage of the bank's overall lending? What is the essential difference? If you're saying that we basically lent too much money to the property sector but it didn't account for too high a proportion of our, of our overall lending, what's the significance of that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: From 2001 to 2009, lending to property and the construction sector grew by 30% per annum.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Is there any other arm of the bank's business that grew to the same extent over that period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes. I mean, page 98 of the same minutes extract is saying, "While the above statements remain valid, the level of concentration within the book is increasing and the committee is asked to consider if the current level is acceptable and a number of options are set out as to how the concentration could be reduced". Is that not an admission that there was an over-concentration in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: But we're not agreeing on what the problem is,
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: I put it to you that the thrust of these minutes at the end of 2007 is that there was an over-concentration of lending in property and construction and the options for reducing that are set out.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: On the issue of the inclusion of subordinated debt in the bank guarantee, just to clarify again your evidence in that regard and I put it to you that your CEO at the time, Mr. Goggin, gave clear evidence to the committee that on the night he requested that dated subordinated debt would be included in the guarantee. Were you present when that request was made?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Were you together at all times during that evening?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Was there any-----