Results 4,421-4,440 of 15,555 for speaker:Eoghan Murphy

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

Eoghan Murphy: Did the board of the Central Bank know about it?

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

Eoghan Murphy: Did the European Central Bank know about it?

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

Eoghan Murphy: And the Department of Finance, did they know about it?

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

Eoghan Murphy: Okay. In March 2008, it's about five months since one of the pillar banks has cut funding off from another bank, so was the green jersey agenda designed to support a particular institution?

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

Eoghan Murphy: So, if it wasn't-----

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

Eoghan Murphy: Okay. So, if it wasn't concerning an individual institution, then the concern was a systemic risk?

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

Eoghan Murphy: Okay. And yet you're not aware if the domestic standing group, or the Department of Finance, or the board of the Central Bank knew that this approach was being made?

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

Eoghan Murphy: Okay. And was this green jersey agenda ignored by the banks?

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

Eoghan Murphy: Okay. Was it an approach in the context of discussions in February 2008 in the ... of the circumstances in which a guarantee of all bank liabilities might be necessary?

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

Eoghan Murphy: Okay.

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

Eoghan Murphy: But this action being taken, then, in March 2008, are we already in the type of crisis that you say that the domestic standing group is preparing for?

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

Eoghan Murphy: 2008.

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

Eoghan Murphy: But prior to that share price issue in the middle of March, you were already considering the possible nationalisation of an Irish bank or a system-wide guarantee to all liabilities?

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

Eoghan Murphy: What does that mean?

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

Eoghan Murphy: You had a fear for the system?

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

Eoghan Murphy: And at this point had you already discussed, in the domestic standing group, the idea of a domino effect? Or a contagion effect?

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

Eoghan Murphy: Implicit right the way through?

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

Eoghan Murphy: That one bank could-----

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

Eoghan Murphy: -----bring the other banks down?

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

Eoghan Murphy: Okay. So, should concerns ... these concerns and these actions, taken in March 2008, they were clearly expressed and acted upon by the Central Bank and the Financial Regulator ... should they have prompted emergency intervention by the Government in one or more of the Irish banks at the time?