Results 4,821-4,840 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: That's just the potential share run, though. That's almost a crisis point in itself. At the end of the first few months of the year, which had already seen a number of mini-crises and I listed them out, the different things that were happening. Banks weren't lending to Irish banks. Irish banks weren't each other. The Financial Regulator and the Governor were going to the banks asking...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: With anything that's already been discussed by the domestic standing group since the summer of the previous year.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: You're anticipating something, why not take an opportunity then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: I don't want to go over old ground Mr. Doyle, I'm actually running out of time. So I will just move on to ... just briefly, were any decisions taken at that Cabinet meeting on 28 September, the Sunday meeting in 2008? Any decisions by Cabinet in relation to the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: But ... but if Cabinet makes a decision, you would be informed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Thank you. Earlier on in evidence you were talking about the Minister and the Taoiseach going into a room and coming back out and saying, "We're going for a guarantee and not nationalisation", and you used the words "for the moment". So, was it implied that nationalisation was coming, shortly, down the line?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: So was it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: From your recollection-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: But if that ... even if that isn't your recollection or even if it isn't accurate, does it infer that you were expecting nationalisation to come shortly after the guarantee decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: It wasn't being ruled out.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Okay, thank you. Just two other brief questions. Were you aware of the over-exposure of the banks to commercial property from 2006, when you took over as Secretary General at the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: I said,"Were you aware of the exposure?", though, which was the question.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Yes, but surely the point of the whole regulatory infrastructure assumes that you can't just trust the banks, so when you became aware of that over-exposure, what did you do about it to satisfy yourself that it wasn't a risk to the economy or to the banking system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: The exposure. And you didn't consider it an over-exposure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Okay, thank you. Thank you Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Thank you, Chair, and thank you, Mr. Cardiff, you're very welcome. I just want to ask, just briefly, in the years prior to 2008 and the onset of the crisis, did you ever give any advice to the Minister or the Government on the risks associated with the trebling of public expenditure, the growing dependency on construction-related economic activity and tax revenues?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: You personally.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Is it fair to say then that the management committee in the Department wasn't aware of the systemic risks that were building up in the system through that period?