Results 4,681-4,700 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Between you and the board-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, so was that person then protecting members of the board from a potential conflict or was he protecting them from having to consider information that would conflict them? I mean, why protect them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Mr. O'Connell, in your view, was your intermediary acting appropriately by not bringing that to the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: You also state that the large exposures of the banks to individual developers was rigorously concealed from your level in the bank. Concealed on purpose I-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Was it being deliberately kept from you, this information?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: I'm sorry you said it was "rigorously concealed from your level in the bank" and you used the word "secrecy". So was it deliberately kept from you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: I'm going to take issue on that expression, "rigorously concealed'', because that intimates an intention, an act, you know, a motivation to keep it from you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. You talk about the intermediary that you would report to keeping information from the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: In relation to zoning you said keeping information from the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: So when the board made decisions, when it agreed editorial or financial stability reports, when it drafted pre-budget letters, was it making those decisions with the full information?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Was it your contention that key facts were intentionally kept from the board of the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And what about then memos that you would have written about reining in lending to the property sector, which you referenced in your opening statement, by imposing credit ceilings? And the memo came back with the words, "That is out of the question", added to the memo. Why did that happen do you think, and was that information brought to the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And just to clarify again, would the board have been aware of that model that was in the first draft of the financial stability report of 2007 on overvaluations of house prices, Irish property prices, that was then dropped out? They wouldn't have been aware of that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, so that was also kept from them. When it came to then the drafting of the pre-budget letters, just, these letters that went, were you involved in the drafting, the initial drafting of these?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: But you wouldn't be involved in final sign-off of those?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Did the Governor or the board have the final say on the pre-budget letters?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, so would those same vested interests, those same things that were happening that we have just discussed about, would they have also been in play with the submission or the drafting of the pre-budget letters in terms of information being kept from the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. So that's an example of information not going to the board, but not because of a conflict of interest or a potential one or an intermediary stepping in the way but because it wasn't what the Central Bank did. Is that correct? You didn't give advice on taxation issues. Is that what you said?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And did you ever disagree yourself with any of the pre-budget letters that were sent to the Minister between 2002 and 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And did you ever write to the board yourself expressing concern about information being kept from them by the person your reported to?