Results 4,581-4,600 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: And is there any relationship to that decision and to your resignation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: This is my final question then if I may, Mr. Neary, in relation to the work of the domestic standing group, and discussions for draft legislation for the Minister to take ownership or nationalise a financial institution. You remember these discussions that were held in the DSG about this legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Okay, but in the domestic standing group meetings, there was a discussion had, and just to quote a minute from the 17 April meeting, which we can't bring up because of 33AK; from the Central Bank' side it was mentioned, for example, that the Financial Regulator might wish to direct an institution not to pay out a dividend, cancel bonuses or-and dispose of assets etc, to include that in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: We have that in evidence, we have that in evidence.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: This discussion happened before the board decided to pay that dividend. But in 2008, over €1 billion was paid in dividends by the banks to their shareholders and that ended up being paid by taxpayers. So why was this power not put into the legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Even though the Central Bank was recommending to the Financial Regulator that they might want to put it into the legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: It's the domestic standing group, you were responsible, as the Financial Regulator.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: You signed the MOU for the DSG, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Well, I mean, I think I've pursued it, Chair, as far as we can if the regulator is saying that you don't recall ... I mean, I think it's amazing that the Central Bank, without trying to pass a judgment, would be thinking that the Financial Regulator might seek to have this included in legislation that was being drafted at that time by the domestic standing group for which you were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: And you don't recall this discussion, and you don't recall not looking for the powers, or looking for the powers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: But would you have been briefed on that meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Would that be a serious change in powers to be able to direct a bank as to whether or not it could pay out a dividend or cancel bonuses; or dispose of an asset?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: So, why wouldn't you be briefed about it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: You had that power already?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: So why didn't you exercise it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Why didn't you exercise it in 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Why didn't you exercise that power in 2008? €1.2 billion was paid out.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: But do you take responsibility, then, for the €1.2 billion paid out in dividends in 2008, which you could have stopped?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: I beg your pardon, but you were already considering it, because you were going to the banks in March, because you were worried that they wouldn't be funding each other, and when you went to the banks to ask them to put together a private pool because you were worried about the risk of public money having to be used, they said, "Okay", but with a backing from the Central Bank, public money,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: And you did not exercise that power.