Results 18,941-18,960 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: No discretion, no general provisioning?
- 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: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Thank you, Chair, you're very welcome. gentlemen. If I can start by maybe just trying to get a ... a thorough understanding of how your respective positions sat within the organisation, and we have some details from the statements that each of you made in advance. Mr. Beggs, first of all, so you were chief economist at global treasury in AIB. You headed up the economic research unit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: How many people would that have had, typically?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Three other economists, okay. And you reported to the head of?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: And then the head of treasury reported to?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: The head of capital markets. Okay. And, Mr. McLaughlin, who did you report to?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: And who did the head of global markets report to?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Okay, and then you were in charge of, again, the bank's economic research unit. How many economists, how many staff typically were in that unit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Two other people, okay. And Mr. McArdle ... it's not ... I don't see ... who did you report to and what unit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Okay, and when you say your unit, was that an economic research unit as well?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Okay, and would it be fair to characterise the work that each of you did as focusing on the backdrop within which the bank was operating, so looking at the economic assumptions, within the external environment? You weren't involved in the bank's strategy or the bank's business model, that it was looking at the broader economic picture within which the bank was operating. Is that ... is that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Yes, I suppose in terms of perception, you know, each of you would have been, in many respects, the public face of the bank ... would have had a higher profile than the bank's CEO. But from what I am hearing today, and from your statements, you didn't really have any input into the running of the bank in the sense of strategic decisions the bank was making, its business model, its strategy,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Yes, yes, okay. And a number of you said already that you weren't asked your opinion on the concentration of risk, the dependence on, you know, the property and construction sector. Is that a fair statement, that you were never involved in those type of discussions, that, you know, the bank were putting a lot of eggs in one basket here, "As an economist I see a risk"? Would you have had a...
- 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: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: I think, I suppose, Mr. Beggs, staying with you, it would surprise a lot of people to hear that you, as somebody who was very prominent, certainly in the public eye, and the most senior economist within the bank, in the course of 20 years, made two presentations to the board, two to the executive committee and none to the management committee for Republic of Ireland. I think it's important...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Michael McGrath: Yes.