Results 18,921-18,940 of 27,945 for speaker:Michael McGrath

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: But in the main 70% was the requirement?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: And then what was the nature of the 30% equity from the borrower which was acceptable?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. Could it have been unrealised gains from previous developments which the bank might have bankrolled through lending, unrealised equity gains?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Based on market valuations at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. We know in relation to the loans that NAMA acquired from the other banks that certain issues arose around loan security, about the documentation, cross-collateralisation and so forth. Obviously we don't have the same oversight in the case of Ulster Bank, but when you did have to review your loan book, and tried to work out bad loans, did you encounter difficulties with the quality of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. Mr Torpey, what did you see as the main purpose and, indeed, the main outcome of the round table discussions held with the Central Bank post-publication of the financial stability reports from 2004 onwards?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. And who would have attended on behalf of Ulster Bank during the years when you were in position?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Okay. And how would you characterise the bank's relationship with the Financial Regulator during the years when you were finance director?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Can I ask you as well about loan impairment provisioning, and you refer to it on page 8 of your opening statement, that it complied with both the RBS Group provision policies, and the accounting standards in place during the periods? Can you give us a sense of how that worked, and whether you were inhibited from making what you might have regarded as adequate provisions for potential losses...

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Had already occurred?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Loss that had occurred.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Sure?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: Yes?

Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)

Michael McGrath: We will be meeting auditors starting from next week. I suppose one question I would have for you is, you know, if you had solid grounds to believe that there would be an issue with asset values in the next, you know, 12 to 18 months, and you could foresee that those values wouldn't stand up to where they are today, but that loss event had not occurred, had you any option open to you to...