Results 5,841-5,860 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: And in Vol. 1 of the evidence books, page 112, we're looking at the statutory duty confirmation letters that the KPMG would have to send to the Financial Regulator every year.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: There is a series of them in the evidence booklets for 2004, 2005, '06 and '07. What KPMG is noting in this statutory duty confirmation letter is instances of breaches and errors in each of the sectoral returns, prudential returns and large exposure returns. And they also note in that letter to the Financial Regulator that you had already informed the regulator verbally and in writing of...

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: So, just tell me first about your relationship with the Financial Regulator. And what does informing the Financial Regulator verbally of something involve?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Your relationship with the regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: And if there was ever a problem-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Could you or would you ever contact him directly in relation to an issue with the society?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Never direct contact from you to the regulator?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Okay. Just in relation then to these errors that you said were not material, in the documentation we see that they're actually ... they're errors that are picked up during an internal review within the society-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: I'm talking about the large exposure returns, say, in March 2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: But this continues to happen-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: It continues to happen in '04, '05, '06, '07-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: In '06, you had to resubmit the September returns twice, the June returns twice, the December return-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Because-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: And they keep on happening, and the Financial Regulator says to you, to the society, that it's concerned with the number of errors reported and it requests the society to outline what controls the society was going to put in place.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: So what controls were put in place?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: Okay. Well, I note that the errors continue after this ... from the Financial Regulator in '06.

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: But they didn't-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: You didn't see them as a systemic weaknesses in the society?

Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)

Eoghan Murphy: You didn't see them as systemic weaknesses in the society?