Results 4,001-4,020 of 15,555 for speaker:Eoghan Murphy

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

Eoghan Murphy: Okay, so can you remember who looked at Anglo Irish Bank and said, "They have a specialist property unit, we should have one too"?

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

Eoghan Murphy: Am I right in understanding, though, that you restructured departments in the bank to establish this property unit because of what Anglo was doing?

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

Eoghan Murphy: But you specifically mentioned Anglo Irish Bank in the note here, and them having a specialist property unit. And you're setting up a dedicated property unit, so are you imitating Anglo Irish Bank?

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

Eoghan Murphy: So why are they referenced here in the establishment of this property unit, which was a restructuring in the bank?

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

Eoghan Murphy: You did not follow them but you copied them?

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

Eoghan Murphy: But they had a property unit, and then you had a property unit -----

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

Eoghan Murphy: Why did you not mention the other banks then?

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

Eoghan Murphy: The market opportunity that Anglo was taking advantage of.

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

Eoghan Murphy: Okay. What does managing relationships mean? What does it include if a dedicated property unit is being established in corporate that will be responsible for managing relationships?

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

Eoghan Murphy: How did you manage then? Through hospitality?

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

Eoghan Murphy: And did it include offering new lending on new terms in a proactive manner?

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

Eoghan Murphy: You were looking for new opportunities. That's why this unit was established. So, in looking for new opportunities, were you presenting new opportunities in these relationships with the key lenders ... the key players, as you refer to them?

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

Eoghan Murphy: So you would go to someone then with a proposal for a new loan for them.

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

Eoghan Murphy: Thank you. And, just, why was retail property team ... why were they brought into that new unit?

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

Eoghan Murphy: Private banking had the experience in doing the property-----

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

Eoghan Murphy: No, thank you, Chairman. If I could take you then to BOI - B4, Vol. 1, Mr. Goggin?

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

Eoghan Murphy: Pages 27 through 31.

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

Eoghan Murphy: So this is documentation from the Financial Regulator, December 2007.

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

Eoghan Murphy: You see the top of page 27. And it's also got a schedule from December 2007 as well, and where it points out specific findings on page 30, for your bank. "However, it appears that no comprehensive review of exposures to a group of connected borrowers is conducted on an annual basis," at point two. And if you go down then as well to M3 at the bottom of page 30, "Inspectors noted that...

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

Eoghan Murphy: NAMA faced a problem though later on to the tune of €26 million for properties and lenders where the security wasn't as secure as it should have been, and-----