The Managing Director of JMSE began his evidence to the Flood Tribunal today. It was earlier claimed that Frank Reynolds was one of two employees who collected money from JMSE's bank before it was handed over to Ray Burke. Today Mr Reynolds detailed events surrounding a series of senior management changes at JMSE in the 1980s. He said that he had been heavily influenced by James Gogarty during turbulent times at the company.

Mr Reynolds also described Mr Gogarty as being extremely loyal to the Murphy family. However he also described how the ESB had requested that Mr Gogarty be taken off a major project at Moneypoint power plant because his 'hands-on' approach had resulted in a three- month strike on the project.

Mr Reynolds also denied claims made by Mr Gogarty that there was a slush fund within JMSE. He said that James Gogarty did not approve of some of the expenditure by senior managers. And he said he simply used that term to refer to how they spent money on travel and other items.