Results 4,381-4,400 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: And then it goes on in that paragraph, "Staff welcomed these favorable results but observed that [a] long period of strong economic performance limits the ability to quantify the relationship between macroeconomic variables and credit risk." What was the Central Bank's response to the IMF's comment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: In the financial stability report of 2006 from the Central Bank, in the summary you stated that "it is likely that the results understate the adverse effects of shocks".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Yes, it's on Vol. 1, page 170.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Thank you, Chair. It's in the right-hand column.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Yes. A final point that you make in this section on stress testing, having conducted a series of stress tests in 2006, the final point that you choose to make is that there's likely an understatement of the adverse effect of shocks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Okay. Were the scenarios employed by the Central Bank credible?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: But were they of any value then in understanding in mitigating against the risks inherent in the banks' operations?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Was does that then maintain for the stress tests that had been carried out post-2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Hurley. I just want to pick up actually where Senator D’Arcy left off. You'd been working on liquidity assistance for Anglo during the course of that day.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: So do you know why then Anglo would have gone to the Bank of Ireland and AIB looking for liquidity assistance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Does that mean that, in Anglo’s view, the ELA you were working on was going to be insufficient?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Can I ask then, would a meeting have been taking place late into the hours of 29 September with the Central Bank, with the Financial Regulator, with the NTMA, with the Government, if Mr. Burrows hadn't requested to meet the Government that evening?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Yes, in evidence with Mr. Burrows, he said he took the initiative----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Okay and you were working on that ELA, prior to asking Anglo Irish Bank ... sorry AIB and BOI that evening to try and provide €10 billion, that ELA work was already under way.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: And can I ask you then, in evidence from Mr. Dermot Gleeson, it's page 34 of the transcript. He said the following:I knew that we had liquidity out beyond a month. I didn't know how much; I wasn't into the detail. I knew we had enough liquidity to be able to pull out reserves of liquidity, all this ... this was helping a competitor, to keep Anglo going until the weekend, if Governor...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: And under your version then, what would have happened at the weekend?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Okay, thank you. If I just put another quote to you from Mr. Dermot Gleeson, it's page 66 of the transcript:I mean when Governor Hurley says "Can you get €5 billion to keep Anglo going to the weekend?" it wouldn't make any sense if you were going to guarantee six banks the next morning for us to be providing liquidity to the weekend. It was inconsistent with that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Mr. Gleeson's point that asking AIB for funding and guaranteeing the six banks is inconsistent, the two actions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Thank you. I want to just then move to your opening statement on page 8. You were talking about arrangements having been put in place to ensure that information on liquidity position in each of the banks was readily available and circulated to the domestic standing group. So did you have that information, that up-to-date information on the evening of 29 September?