Results 5,201-5,220 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Okay. Again, you said you "made no commitment at that point to formally apply for assistance until we were satisfied what the authorities had in mind and the conditionality attached". But whether or not burden sharing would be a part of that agreement wasn't one of those conditions that you decided to clarify before entering negotiations; is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: But on the meeting of the Cabinet on 21 November at which the decision was made to then formally request assistance, can you outline the discussions that took place at that Cabinet meeting, whether alternative options were considered or any advices received for or against the decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: I asked a specific question?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Okay, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: No, I understand.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: It's a Cabinet meeting on 21 November when the decision was made to begin the negotiations.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Was the decision to enter negotiations by the Cabinet then made on the expectation that there would be burden sharing?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Do you recall it being discussed or that expectation being amongst your colleagues at Cabinet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: So, it was discussed, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: It was then coming to the end point of negotiations. Why was Governor Honohan not present for the final meeting on 26 November, which has been described as "the showdown", where the troika staff told Brian, in categorical terms, that burning the bondholders would mean no programme and, accordingly, could not be countenanced?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Were you present?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Why were you not present?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: It was referred in evidence that the amount that could have been burden-shared was €18 billion to €19 billion of senior bonds, unsecured, unguaranteed, and that was the IMF proposal, and Kevin Cardiff confirmed this. So, do you not think that you should have been in that meeting, that showdown, where the issue of burden-sharing was finally resolved, given its importance to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Should we have been in on that phone call with the G7 that decided, ultimately, the fate of the bailout conditionality?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Governor Honohan said, when he was before us, "We never committed to not burning the bondholders; we committed to not including the burning of bondholders in the programme, but we never signed any document that said we will never burn bondholders." So how is it understood, on what authority and on what basis was the bailout conditional on the burning of bondholders, senior, unguaranteed and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Why would Governor Honohan say that though? That when you're-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: It appeared he seemed to be giving the view of what the State was thinking of at the time. "We never committed to not burning the bondholders, we committed to not including the burning of bondholders in the programme, but we never signed any document that said we will never burn bondholders." He's not talking in the first person, you know.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Okay. Then-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Thank you, Chair. We come to the final decision of the Cabinet on 27 November. And the question is really, that decision that was taken, given everything that was now known about the conditions of the bailout, what would not be happening regarding burden-sharing and the interest rate that was going to be applied, was the decision to accept the bailout as straightforward as the decision to...