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Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: Thank you. Who was collating that information?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: In hindsight, are you satisfied that the information provided was both accurate and sufficient to making the decision that was made?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: Okay. And when we come to post-Lehman's in September 2008, is the domestic standing group still the primary vehicle for dealing with the crisis, if that was in operation on the night of the guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: You participated on the domestic standing group?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: If we go back to March of 2008 and work that the DSG was doing, would you have been familiar with the scoping paper that was being prepared at the time in relation to possible guarantee scenarios?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: What action was taken on foot of that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: Yes, the fears that the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: It is my question Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)

Eoghan Murphy: Yes but one final element to it. In March 2008 that discussion is happening at the DSG. Did you approach the banks individually to ask them to support each other with funding, referring it to as the green jersey agenda?

Written Answers — Department of Social Protection: Rent Supplement Scheme Administration (27 May 2015)

Eoghan Murphy: 48. To ask the Minister for Social Protection if Government policy should better link her Department with the Private Residential Tenancies Board, allowing money to be paid directly from her Department to the landlord. [20947/15]

Written Answers — Department of Justice and Equality: Immigration Policy (27 May 2015)

Eoghan Murphy: 102. To ask the Minister for Justice and Equality in relation to au pairs, if host families are at liberty to enter into a cultural exchange programme with non-European Union students. [20949/15]

Written Answers — Department of Health: Ambulance Service Provision (27 May 2015)

Eoghan Murphy: 150. To ask the Minister for Health if his Department co-ordinates with the fire service to ensure that all ambulances are being used efficiently (details supplied). [20948/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Grimes. You're very welcome. You mentioned Lehman Brothers earlier on and I was just wondering is it fair to say that the Irish authorities - the Department of Finance, the Central Bank, the Financial Regulator - did not anticipate the fall of Lehman Brothers or a Lehman-style crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. But then, in your opening statement, you say that, from early 2008, the domestic standing group was increasingly active in crisis management preparations, especially in discussions on the legislative changes necessary for nationalising a bank and on the circumstances in which a guarantee of all bank liabilities would be appropriate. So, the possibility of a system-wide guarantee was...

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. And is it fair to say then that, having those discussions in February 2008, that crisis management is at an advanced stage, or is it just preparation? Are we in discussions, or are we actually actively working to manage a crisis that could be coming?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. You'd had a simulation at the end of 2007 and so now, in early 2008, we've moved from simulations and exercises into actual possible management of a crisis coming?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: So then, in relation to March 2008, we heard evidence from Mr. Hurley last week about the green jersey agenda. Are you familiar with that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: So where did the Central-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. I'm just curious though as to where the Central Bank and the regulator got the authority to approach Irish financial institutions in secret to ask them to provide each other with funding support in order to maintain the financial stability of the system?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: But did the domestic standing group know about this?

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