Results 4,281-4,300 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Mr. Burrows?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Mr. Burrows, do you think you placed too much trust in senior executives on the board, who were also on these credit and risk committees?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. In July 2003, the Financial Regulator said that "The examination raises questions about the maintenance of lending standards in your institution and about your on-going monitoring management and control of risk in relation to residential mortgage credit." That's in BOI - B1, page 67. Do you recall that criticism from the Financial Regulator at the time in relation-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: You don't. Mr. Crowley, do you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. Can we bring that up, please? Do you recall concerns being expressed actually by the group risk policy committee itself in 2004? Thank you. It's there at the bottom, if you like, on your screen, this is from the Financial Regulator, and the quoted paragraph at the bottom "The examination raises questions about the maintenance of lending standards in your institution and about your...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: There is a reply, addressing that concern.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Addressing that particular concern that's expressed. In your reply, you address that concern.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. Do you remember the actual discussions around this letter at the time on the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. Thank you. I'll move on then, if I may. Mr. Crowley, did you ever feel like the bank was under pressure to change its model or its business, given the apparently rapid success of other banks like Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And then after you retired, do you believe that the culture in the bank or the activities of the bank changed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Mr. Burrows, did you see ... in relation to property lending in the bank, did you see your chairmanship as continuing the practices that were already at the bank and at board level or did you break with the past in some way?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. Was there confusion in the bank in 2004 about property lending, as Mr. Boucher stated in his appearance before us?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: So, if we could talk about this ... this specialised property financing unit that was set up in 2001, the purpose was to write high risk, higher return property transactions and it also had the following objective - to allow business banking to compete more effectively, in particular with Anglo Irish Bank. Is this an example of Bank of Ireland changing its business practice to compete with...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: But do you think there was, you know, a particular focus on Anglo Irish Bank and its activities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Did you increase your risk appetite then for property lending because of what your competitors were doing?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Even though the rationale for setting up the specialised property finance unit was to facilitate in writing higher risk, higher return property transactions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: 2001.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And then in 2004 it led to the creation of a dedicated property unit-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: -----and that was set up ... responsible for managing relationships with a total group exposure in excess of €30 million and the rationale for that was that, "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." So is the move to a dedicated property unit in 2004, is this...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: -----of Bank of Ireland changing its business practice to compete with Anglo?