Results 5,461-5,480 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Until after banking crisis. So you don't accept the findings of the Wright report that social partnership overwhelmed the budgetary process?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Thank you, We've had admissions from four members of Government, in the committee, that fiscal policies were unsustainable. Do you accept that social partnership played any role in those unsustainable fiscal policies? And also, there's a second question: if you felt that economic growth was an unsustainable house of cards, as you put it, why did you seek and agree wage increases on the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Mulryan. A lot of the areas I wanted to discuss have already been raised by other members of the committee, so if I go over old ground, just let me know and I'll move on. On page 5 of your written statement you talked about, in paragraph 4, "Whether stated in the Loan Agreement or not, the financial institution generally required a high level meeting...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay. And at these meetings, would the banks, as they talked about Ballymore's future intentions, would they be pitching you for business? Would they be suggesting extra credit facilities or a particular site?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: They were going to have no more-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Sorry, more or no more exposure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: No more.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay. So on none of those occasions, none of the banks that you did business with-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: -----came to you or suggested to you that they had something to offer that you weren't looking for?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: And in those discussions, did you ever get a chance to express your own concerns about what might be happening in the property market in Ireland or the types of lending that banks were pursuing, given that, as you said earlier, it was your business to know what was going on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay. Moving on with the page, to the next page of your statement, you talked about, under section 5, in sub-paragraph 3, "Rapid increased supply of bank lending to these potential property developers", these are the new developers that came on line. Did you notice a change in your relationship with the bank? Did you notice a change in the culture in the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: What was that change?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Well, with some banks. What was the change that you noticed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay. And-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: But did you ever express concern to the banks then about these 1,000 new property developers and the fact that they were chasing the business, and any concerns you might have had as to their suitability for ... as borrowers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay. And was it easier for you to get credit or financing or loans at the time as a result of any change that you noticed in the banks at the time, whether to old or new lenders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay. And would you have been aware of anyone that you dealt with in the banks making commission off the lending that they were giving to your company? No? Okay. And then, just on page 7 of your opening statement, you talk about the pitches you made for certain sites.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: The bids. You learned that one was 35% off the pace at the time. So, in one way, I suppose, that reflects what you thought the value was of the land, but at the same time you still made the bid. Can I ask why?