Results 3,881-3,900 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Thank you, Chairman. Thank you, Mr. Forde. You're very welcome. Just to clarify, Mr. Forde, if I may, you were managing director of AIB in the Republic of Ireland from 2002 to February 2009. Did you have an opportunity to hear Mr. Gleeson's evidence this morning?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: In the written statement he provided to us he said that - under the heading "Quality of the Business Model Setting Process" - "Four of the five business divisions, came through the crisis relatively intact. The exception was the largest division namely Republic of Ireland." And then in his oral presentation he said "ROI brought the bank down". Would you like to comment on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Coming to your opening statement ... just to get some clarification ... you said that in January-February '09, you were completely removed from discussions at executive management level and board level, and without objectives or direction in terms of a work agenda, and nine months later you left the bank. Could you please clarify what happened here and why you think it happened?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: In terms of that move being made, at that time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: And do you think that move, that you made, do you think it was a result of a particular action on your part, or connected to the performance of the bank in the Republic of Ireland, under your tenure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Okay. Thank you. I'd like to move to just a few months prior to that, when you appeared in front of an Oireachtas finance committee in December 2008. And you said: With regard to the recapitalisation of banks, part of the difficulty in the debate is that banks are banded together as if we are all the same. We are not. AIB has made it clear it does not believe it needs capital and that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: You weren't ... sorry, were you instructed to make that statement, at the finance committee, about AIB not requiring capital?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: But was there a discussion at management level as to how to present the bank's position to the Oireachtas at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: And then moving just two months later from you making that very express statement in a finance committee, two months after the guarantee, the bank does not need capital, it then requires a €3.5 billion injection from the Government, in a two-month window.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: And that work you did talked about a, at maximum, €3 billion loss on the loan book in the Republic of Ireland division, and you said that would've changed dramatically again two months subsequent to that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Just to clarify, then - your statement to the Oireachtas committee in December 2008, as far as you're concerned, was true at the time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Okay. Thank you. I want to take you back, then, to your management of the increase in property lending in the Republic of Ireland prior to the 2008. The rate of increase in property lending in the AIB Group was magnified in the Republic of Ireland division, and on exposure to property, property lending grew in the Republic of Ireland from €10.1 billion in 2004 to €33.3...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: You had two different CEOs during that period 2004 to 2008. Did either of them express concerns with that magnification in property lending?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: You were in breach of the limits by ... the limits were 250%, the limits you mentioned. And in 2006, you were at 260%, but by September 2008 you were at 390%. I mean, that's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: I could give you a reference for that if you'd like. It's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: -----AIB B2.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: But it was a significant breach.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Eoghan Murphy: Would you not agree? 250% to-----