Results 5,361-5,380 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: So once the Cabinet made the decision on 21 November to enter negotiations, that was off the table?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Okay, and just in terms of the memorandum of understanding that was agreed, the legal position of that, in terms of if a country fails to meet an objective under-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: And that was a legal watertight ... So when it comes to then ... January-February 2011, and the agreement that was already in place for the capital injections in the banks, is it a straightforward thing for the Minister to say, "I'm going to wait until the new Government comes in", or did that have to be renegotiated under the MOU?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: So the MOU allowed us to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: But, in terms of the legal position, are we to understand the MOU, like a contract in a domestic law, that if there is to be a renegotiation, it has to be agreed by both sides?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Okay, thank you. And just a final question I wanted to ask in relation to the details of what's contained in the MOUs. I mean, I think we're aware with the higher level details, like, for example, that ... sale of State assets, half the proceeds would be used to pay off the debt, you know, trying to find lower costs in the legal services, for example, but one requirement I was interested in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Do you remember where it was coming from? Was it coming from a particular country?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Did they think it was restriction on certain companies outside of Ireland doing business in Ireland?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: And did anyone raise anything about the ability of Irish companies to compete domestically against foreign competitors coming in at such a large size seeing as how we were going to lift the cap on the floor space?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Are you aware of any other requirements-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Thank you ... any other requirements in the programme for assistance that were being driven by the concerns of countries who wanted their own companies to be able to get into Ireland or benefit from the situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Ahern, you're very welcome. I want to go back to 1998 and entry into the euro, if I may? Did Charlie McCreevy notify you in advance of his decision to decide the exchange rate at which Ireland would join the EMU? Did you discuss this prior to his decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: The exchange rate, at what rate he'd fixed at?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Was it discussed at Cabinet?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Was the Government aware of what fixing of the monetary exchange rate for EMU would mean for interest rates?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Immediately after that decision was taken in Europe with the Minister, commentators at the time predicted that a wall of money would hit the Irish economy immediately following that decision. And then there was immediately a push for a fall in interest rates. So what did your Government do to protect the economy and people from this wall of money that was about to hit the Irish economy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: Sorry, I'm just not sure what the relationship is to my question in terms of the increase ... the cheaper money coming into the economy as a result of the lower interest rates. What did the Government do to counterbalance that? And I mean in relation to fiscal policy.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Eoghan Murphy: In 2001 - in February - the EU Council censured Ireland for its failure to use fiscal policy to ensure economic stability given that we were now in a monetary union. Do you accept that charge?