Results 4,261-4,280 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: You did. And Mr. Goggin?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And just to clarify then, when did you become aware of this systemic guarantee? It was a second meeting, or a-----?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And the guarantee for all the six institutions, as it happened?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. My last question, in relation to this area, Mr. Burrows, if you could turn to page 5 of that same document, BOI - C3b, and it's board minutes from 3 October 2008, and it's where the events of that night are recounted to the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And it says, "When the decision was conveyed that AIB and BoI were prepared to provide €10bn collectively, the mood of the meeting lifted considerably and the Government side began to focus on the draft Press Release to announce the blanket guarantee with immediate effect." By "blanket" in that instance, you understand a guarantee of the six institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Because in the following paragraph it says, "In the event, market developments triggered the Guarantee earlier than expected. In these circumstances, the political judgement was that it had to apply to all banks." So, is there a change there, between what was agreed, or what you understand to be agreed when you said you could provide the €10 billion, and a blanket guarantee? Could...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: But, the following paragraph then, "In the event, market developments triggered the guarantee earlier than expected. In these circumstances [which would seem to indicate different circumstances] the political judgement was that it had to apply to all banks." There seems to be an inference there that there was a change in the scope of the guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay and just finally then, can you recall any conversation around the inclusion of subordinated liabilities as part of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: You cannot?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: No discussion. Okay. Thank you. I might return then, if I may, to board oversight of risk policies? Mr. Crowley, the group risk policy committee was set up to assist the board with its risk oversight and governance responsibilities. Did this committee assist with, or assume, the risk oversight and governance responsibilities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Did it assist with, or assume, the group risk-----?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Sorry, the group risk policy committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Which was set up to assist the board with it's risk oversight and governance responsibilities, did it assist with, or assume, these responsibilities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Or assume, these responsibilities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. So it was a ... these responsibilities were delegated to the committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. When Mr. Boucher was before us he was asked if there was insufficient oversight on the part of the board in relation to this committee, and he replied, "Yes I think so." Can you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: This committee - oversight of the group risk policy committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: So, you wouldn't agree that there was insufficient oversight of this committee, by the board?