Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Eoghan MurphyEoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

Okay, well then, just my final question if I may Chair. You talk about trusting the advice on the night, because that same scoping paper, on page 16, and this was written nine months previously to September, says that:

In a period of severe financial markets turmoil, it may be very difficult to determine the true worth of the bank's assets, including its net contingent assets. ... it is much more difficult for a central bank or a financial regulator to know whether the bank is just illiquid or has become insolvent, especially in the light of the incentives a bank may have to disguise its true state of health from a central bank or financial regulator.

And earlier today you said no-one knew where anything was going, this was 1927 stuff-----

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