Results 4,721-4,740 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Okay. And you met with the banks then to discuss these concerns.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Did the banks ignore these concerns?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: You sit down with the banks at the end of 2004, and it's clear in the financial stability report your concerns about the property lending that's happening in the banking system. And in that same year, and I'll take one bank that's come up in evidence, Bank of Ireland, they have changed their income multiples, they've changed their loan-to-value policies, they've introduced First Start...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Did they ignore you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: But did the banks ignore that statement that you made in 2005?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Failed to convince them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: But could you not have done more than try to convince them? Could you not have actually-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----interceded, given the concerns, the systemic concerns you'd raised in 2004-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----which you had raised with them again in the financial stability report-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----in the forum. They then go and introduce this new product, which we'd never seen before.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: And you're worried about it. You make a statement, it fails to convince them.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: What then?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Taking all that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----and taking that the consumer regulation-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----of course, is underneath the Financial Regulator, if we go back to 2003, in July, you wrote to Bank of Ireland after doing an examination into their mortgage lending policies and you said "The examination raises questions about the maintenance of lending standards in your institution, and about your ongoing monitoring, management, and control of risk in relation to residential mortgage...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: That was July 2003. It was a letter to Bank of Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: 2003.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Yes. Thank you, Chair. But just coming back then to 2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: And in the 2004 financial stability report-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----you also raised concerns about commercial property lending: "The persistent increase in the rate of lending to some parts of the commercial property sector is a concern." At that very moment in time, Bank of Ireland had set up a dedicated property unit responsible for managing relationships with a total group exposure in excess of €30 million, to write higher risk-higher return...