Results 3,981-4,000 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: At management level?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: Thank you, Chairman. And thank you, Mr. Duffy. I still have a few questions in relation to NAMA, if I can. When you came into the bank, NAMA had just finished ... or was in the process of finishing the transfer of loans from AIB into NAMA. So did you review their work over that previous 12 to 20-month period?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: This is part of the service level agreement?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: So you had to establish a relationship with NAMA.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: In terms of with the CEO, say with ... or the chairman. Did you have to then go and formally meet them and-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: And would they have raised any concerns with you in those meetings about some of the loans they were encountering or the performance of those loans or the treatment of those loans?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: NAMA in their evidence raised two issues with us in relation to what they discovered from the loans when they brought them across from the various banks, and one was as the crisis hit, the extent to which banks were attempting to collect income, it was going to debtors and not the banks, so rental income from shopping centres or office blocks in the millions, and they gave us two figures -...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: So it comes down to personnel issues?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: Okay. The other issue I raised was in relation to advances to debtors by AIB, once NAMA was announced, until the loans were acquired by NAMA. The Central Bank had said that it would be acceptable if NAMA deemed those advances to have been made on a commercial basis. So, this is to the debtors that are moving into NAMA from AIB and AIB advanced €595 million in that period but only...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: Okay, they drew our attention to this quite particularly ... that AIB had been told that it could advance money to debtors that were transferring to NAMA as long that money was advanced on a commercial basis. And when NAMA did its review, it found that only 62% of that had been advanced on a commercial basis - 62% of €595 million, so the amount that was eligible was €367...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: And NAMA didn't bring this to your attention when you took over as CEO?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)

Eoghan Murphy: Okay, thank you. Thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Goggin. If I could bring your attention to BOI - B2, Vol. 1, page 23.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: It's about the establishment of a dedicated property unit.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: This document is from 9 November 2004. So I just want to read out a couple of bits from it: The Property Market in the Republic is shaped and controlled by less than 100 key players. In the past 5 years we have under performed in this top end market, which has been dominated by Banks with specialist property units, most notably Anglo Irish Bank. [...] A dedicated property unit is being...

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: It's not dated on the document itself but it's from November 2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: Were you CEO at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: November 2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Apr 2015)

Eoghan Murphy: You were. Okay. So this would have been a decision taken by you as CEO, with the approval of the board or how would that work?