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

Eoghan Murphy: Excuse me?

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

Eoghan Murphy: Yes.

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

Eoghan Murphy: At the time, though. At the time shouldn't that have been very obvious that the tail was wagging the dog?

Direct Provision Report: Motion (12 Jun 2015)

Eoghan Murphy: I have spoken on this issue a number of times previously. I welcome and support this report and congratulate the committee members on the work they have done. In the context of reports that have come from committees, in my brief time in the Dáil, this is one of the best we have seen. It is clear and concise and makes some excellent recommendations. I commend the committee and welcome...

Written Answers — Department of Finance: Tax Credits (16 Jun 2015)

Eoghan Murphy: 280. To ask the Minister for Finance if he will reverse his decision regarding the tax credits and benefits associated to health insurance (details supplied). [23941/15]

Written Answers — Department of Education and Skills: School Staffing (16 Jun 2015)

Eoghan Murphy: 695. To ask the Minister for Education and Skills the reasons a school (details supplied) in Dublin 6 was refused an English teacher as an additional language teacher; if she will re-examine the application; and if the awarding process could be made more transparent. [22996/15]

Written Answers — Department of Transport, Tourism and Sport: Rail Network (16 Jun 2015)

Eoghan Murphy: 866. To ask the Minister for Transport, Tourism and Sport when the National Transport Authority will conclude its report on a rail line to the airport; and if he will support a light rail, above-ground option. [22995/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: Thank you, Chairman, and thank you to the witness, you're very welcome. I want to return to an area of questioning that Deputy O'Donnell raised earlier, if I may. And it's in relation to the introduction of the new regulatory structure in 2003. When that new structure was put in place do you believe that there were effective instruments available to it to deal with excessive credit growth...

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: They had sufficient powers to regulate the banks.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: Okay. When things like sectoral limits were breached by individual banks, would the Department be made aware of this by the regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: You as a member of the board of the Central Bank, would you have been made aware when breaches were reported to the regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: But, when the regulator then, when things were reported to the actual Central Bank, the CBFSAI board, which had an oversight role, would those things then be reported in to that board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: Okay, but then in, from your recollection, from your time on the board, you do not remember breaches of sectoral concentration limits being discussed then, in that process?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: Okay. Did the Department review the establishment of the new structure at all in the years following its establishment, when you were Secretary General of the Department of Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: You mention this, but also Patrick Neary mentioned it as well, when he was before us, about the limits being more of a guideline. Why were they only a guideline?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: But would it not fall to the Department of Finance, in terms of the legislation to establish the regulator, whether or not things like sectoral limits would be guidelines or be strict rules to be enforced?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: But when Mr. Neary tells us, as he did, and it's on page 31 of the transcript from his session here, that there was no legal or supervisory remedy in relation to breaches of the limit, the question is should there have been and, if so, did the responsibility not fall to the Department?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: But the regulator never came to you and said there's a deficiency.

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: Were deficiencies ever discussed during your time on the board on the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)

Eoghan Murphy: Okay. But, just to clarify that, the regulator never came to you, looking for-----

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