Results 6,041-6,060 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay. Would you have a ... okay, if you haven't read it, I'll move on from that. If you could, just briefly describe to me the corporate culture of the bank during your period on the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: How often would the board have social occasions, a dinner, for example, where it would bring in someone from outside of the bank to engage with them, maybe make presentations in an informal way? We have heard here before about a dinner at Heritage House, at which the former Taoiseach attended. Those kinds of engagements ... were you party to any of those types of dinners with the bank...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: The purpose of those occasions was to hear from the outside experts-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: -----to speak to the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Were you ever at a dinner or a luncheon where a politician attended?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Was that a lunch or a dinner, do you remember?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And the purpose would have been to hear from the Financial Regulator about-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay. Moving on from that to your role as managing director for lending, Ireland, can you tell me a bit about the lending culture under your stewardship because Mike Aynsley also told the committee about a story that was related to him about an auction as a way of illustrating the culture and the lending practices in the bank prior to the crisis? This is what Mike Aynsley said to us, and he...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, well, let's look at this change in policy. In the core booklets, in Vol. 1, page 121, is a map of Ireland. It's from a presentation from lending Ireland of 30 April 2007. You've seen this report in the booklets.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Yes, so that would have been compiled and put together while you were-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: So you were involved in that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: There's a map here on page 121 and it is, "Total Drawn Land Balances - €5.29bn Loans by Location as at 30/04/07", and it is up on the monitor there in front of you - €2.7 billion in Dublin, a third of a billion in Meath, a quarter of a billion in Galway, a half a billion in Cork, and it is showing, for each county, the exposures. So was this map presented as a positive to the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: So what was the point or what was the goal of lending Ireland at this point in time in relation to these figures? To reduce them, to increase them, to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: But if you changed the policy in 2006, why did ... and, again, your internal report shows this, that development lending in Ireland accounted for 30.5% of total lending and that it increased by 50% in the previous 12 months. This is in the report of April '07. If the policy changed in '06, how could lending in Ireland increase by 50% in the following 12 months?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: But 50% is ... I mean, if you recognised something in 2006 and the policy is to try and pull back - I understand the caveat that you put in there - but then to see it still increase by 50% in a 12-month period.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: So that was a mistake.