Results 5,121-5,140 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: February 2001, Chair: The Council recalls that it has repeatedly urged the Irish authorities, most recently in its 2000 broad guidelines of the economic policies, to ensure economic stability by means of fiscal policy. The Council regrets that this advice was not reflected in the budget for 2001, despite developments in the course of 2000 indicating an increasing extent of overheating. ...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: I think we will go to the other page in the Wright report with the graph, which has been brought up a number of times by colleagues, showing, actually, the June memorandum. And it was actually adopted by the ... the Government in the budget. That didn't happen following the year 2001. The budget for 2002 actually had the biggest discrepancy of all the years that we're examining, between...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: I'm not sure ... if you look at your screen I'm not sure if that bears ahead in terms of what this shows, because this advice was coming from the Commission, in fact it was a censure, it wasn't advice, in 2001, in February. And, this shows then ... the blue bar will show you what was being proposed in June of 2001 for the following year and what was actually agreed is the red bar, and we see...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Okay. So, is the conclusion that the Department did not heed the warnings from the Commission, from the Council, excuse me, and that we did fail then, the task of ... test of prudent fiscal management, at the time, not in hindsight?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: No, no, it's not. It's that you've run your ... your budgetary policies and your fiscal policy in a way that would counter the fact that you do not control your monetary policy. The criteria is that you run your monetary policy and fiscal policy in a way that would counter the fact that you do not control your monetary policy. So, for example, the wall of money that was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: No but, what was the purpose to his phone call to you? What was the nature of the discussion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Thank you, Chairman, and thank you Mr. Cowen. Mr. Cowen, in paragraph 23 of your opening statement you state: "A Liquidity Group chaired by a Central Bank official was established in early 2008 to obtain and disseminate information on liquidity developments from the main credit institutions and to identify any potential problems." Can you just elaborate on that group and what exactly it was?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: When was it established? It says early 2008 but do you know exactly?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: And was it part of the domestic standing group or was it a separate structure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: And did it report directly to you or to the Department or to the domestic standing group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Okay. And would Mr. Cardiff then report to you? I mean, were you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: So, are you satisfied that you were aware of the up-to-date liquidity position of the banks once this liquidity group had been established?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: We've had evidence in the committee to date on the green jersey agenda in March 2008. Are you familiar with that term and what that agenda was?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: So this is with the Governor and the Financial Regulator going to the Irish banks to ask them to lend to each other because of funding difficulties at the time. Were you aware that this was happening at the time, that the Governor and the Financial Regulator was making this approach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: At the time, the pillar banks wouldn't lend to one particular institution, Irish institution, and another Irish institution couldn't borrow from anyone at all, so do you know was this green jersey agenda set up for one particular or two particular institutions or for the system as a whole?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Were you aware at the time that it didn't work?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Were you worried about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: The financial stability issues paper, that's on page 3, Vol. 4 of the document from January '08, which we've discussed previously, or earlier, excuse me, it talks about this idea of ELA and that, basically, being the last, kind of, port in the storm because of the lessons learned from Northern Rock. On page 5: As the recent liquidity difficulties at Northern Rock have...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Was the purpose of the green jersey agenda to avoid the banks having to take ELA because of the market perception concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Is it fair to conclude, then, that one of the banks or some of the banks were already at that Northern Rock position, then in March 2008?