Results 5,141-5,160 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: That's clear from the scoping paper. When Patrick Neary was before us in the inquiry, and we discussed this, he said the approach was made because they wanted to avoid the use of public money. So was there a risk of public money having to go into an institution or some of the institutions, at that point in time then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: When I asked him why it hadn't worked, he said that when they approached the banks to lend to certain institutions, that the banks would only consider this if it was guaranteed by the Government. Were you made aware of that at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Thanks, Chair. But just with hindsight, because you weren't aware at the time, what does it tell us when the Financial Regulator and the Central Bank feel the need to go to certain institutions in the State to ask them to lend to others because they don't want to risk public money, and the banks' response is, "We'll only do it if we're guaranteed with public money."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: What does it tell us about ... sorry-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: To try and return to that point: regardless of what motives the banks might have, the concerns of the regulator and the Central Bank, and, obviously, the concerns of the Government, given the stability, the scoping paper in January, in hindsight, what does it tell us about the liquidity situation of the banks, and what action perhaps should have been or could have been taken at the time by...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: When who comes to us? Is that the banks come to the Government?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: The authorities. Okay. What I'm wondering is at what point, though ... at what point should the authorities have gone to you, given the work that was done? I mean, if you look at the scoping paper again from Vol. 4, it outlines three scenarios. One is an institution that is illiquid but solvent. The second is an institution that is insolvent or approaching insolvency and, on page 7, it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Proactive work done by?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: You said that the authorities should have been more proactive and you questioned as to whether or not they had the powers but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Did they not have a clear picture and that's why they made approach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Did they not have a clear picture of the liquidity problems and that's why they made the approach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: In the scoping paper of January, just a few months earlier, it did talk about how a liquidity problem could become a solvency problem and it did talk about how even a suggestion of the need for ELA could bring about that problem.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: But just on the market knowledge point because in January of 2008-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: It's just about the advice given to sell shares in Irish institutions and I think I have the figure here. That was in January from the hedge fund-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: No, it's exactly related ... about knowledge in the market - 34% of Irish banks' share value went in two hours on 28 January because advice was made to sell shares in Irish institutions, so the market knew what was happening.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Thank you.
- Written Answers — Department of Finance: Student Support Schemes (7 Jul 2015)
Eoghan Murphy: 132. To ask the Minister for Finance if he will consider allowing tax relief on graduate medical students' loans. [27210/15]
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Thank you, Chairman. And thank you Mr. Cowen, you're very welcome back. In your opening statement on paragraph 59 you talk about the ECB role in the guarantee decision and you state that "The position of the ECB ... was that no bank was to be allowed to fail". And we have this, that this came from Trichet through the Governor. How would you regard that position of the ECB, would you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: But just to try and clarify that, is it an instruction that you have to follow or is it advice?