Results 4,601-4,620 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Okay. I'm finished then, Chairman. Thank you.

Written Answers — Department of Finance: Tax Yield (9 Jun 2015)

Eoghan Murphy: 319. To ask the Minister for Finance Dublin's tax contribution to overall Exchequer finances in 2013. [21878/15]

Written Answers — Department of Finance: Redundancy Payments (9 Jun 2015)

Eoghan Murphy: 335. To ask the Minister for Finance the Revenue Commissioners' views on a matter (details supplied) regarding a redundancy situation. [22153/15]

Written Answers — Department of Public Expenditure and Reform: Public Sector Pay (9 Jun 2015)

Eoghan Murphy: 365. To ask the Minister for Public Expenditure and Reform his views on the establishment of an independent public sector pay commission, similar to the Low Pay Commission, to oversee an evidence based and transparent approach to public sector pay talks. [22152/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Thank you, Chairman, and thank you, Ms O'Dea. You're very welcome. I just wanted to talk about the IMF country mission to Dublin in 2009. Were you involved in working with the IMF when they came? I think it was May of 2009.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: So you were involved in the IMF when they came to do that country report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: And that involved then being involved in terms of their work in relation to NAMA that they were doing at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Okay. I just want to ask a question on that, if I may. In paragraph 20 of their report, they say: The authorities did not formally produce any estimate for aggregate bank losses. They have focused on the needed restructuring of property-development loans, which they rightly view as at the heart of stress faced by banks. Why didn't you have any estimates for aggregate bank losses at the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: You couldn't produce them to the IMF but you were working on them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Because they just noted that you did not formally produce any estimate for aggregate bank losses.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Was it a mistake to focus on the restructuring of property loans in banks rather than to spend more time focusing on the aggregate losses that they were facing?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: In the second part of that paragraph it says that, "Staff noted that losses are likely to extend beyond the property-development sector as the economy weakens and the design of NAMA should incorporate that possibility." Were the IMF saying that NAMA should deal with more than just property-related loans?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Okay, because in paragraph 24 of the same report it says that the authority saw merit in the IMF's staff suggestion "that NAMA-implementing legislation should encompass a broader ranger of loan types". So, you're in agreement with NAMA's view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: But was the thinking at the time that NAMA might have a broader scope than just property-related loans going onto its books?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Okay, and then do you recall why the IMF staff queried why NAMA was acquiring good loans as well as bad ones?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Okay. In paragraph 25 of that same report it states that, "Staff noted that nationalization could become necessary, which would be seen as complementary to NAMA." So, at that point, when this was published in June 2009, were your offices preparing for the nationalisation of any further banks in the Irish banking system?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Is this not the IMF anticipating it in their country report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: "Staff noted that nationalization could become necessary but should be seen as complementary to NAMA."

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Okay, but that wasn't-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: No, of course. But what I'm wondering is, given that the IMF took time to note this in their country report, did you in your office then say, "Well, look, we need to look at the banks very carefully and we have to see about which ones have to be nationalised", and then, given what happened in 2010 at the end with AIB, I mean, did that not set in train, you know, work in your office to...