Results 6,101-6,120 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, thank you. Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Browne. Just to come back to this 2006 policy change. You decide you're going to stay with your proven clients, the big developers who've got large scale projects in Ireland and that's going to be the MO from 2006 on. And then total lending in Ireland doubles over this period of time. Were you placing too much trust in these special clients that you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: So your lending was based on belief rather than based on hard data or-----
- 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: Were you making assumptions of their own personal wealth in terms of personal guarantees? Were you making assumptions in terms of what they might be exposed to in terms of borrowing from other banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Was any of this being backed up with paperwork in terms of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: But did you have full visibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Because there was an inspection done by the Financial Regulator at the end of 2007 and ... you had just left, but this relates to lending done under your period in charge. And there was a number of findings and one of the findings was that, "several show how much trust the banks were placing in the unverified assertions of their borrowers with regard to their personal wealth, and how...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: "The inspectors noted that the institutions have been unable to obtain a Net Worth Statement from [Mr. X], as he is unwilling to disclose such details in writing. In addition, the statements provided by [Mr. Y and Mr. Z] have not been certified by a third party". So, was this happening in Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: This inspection report found that the understanding of bank A's exposure to a developer ... another bank's exposure to the same developer was out by more than €1 billion. So I mean, how can you tell me that you had accurate understanding of their exposure to the banks and then you could be out by potentially €1 billion in this case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, a level of trust. A big developer who you have now decided to back, you know, from 2006. Are you really going to interrogate them about their personal wealth or their exposure to other banks when they've been with the bank for so long? Would you really be able to have that relationship with them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And you would just trust the figures?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And what about this idea of management estimates rather than figures coming from the borrower themselves?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, then that contradicts what you just said about the vigorous approach you took to getting this information.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And they would have provided documentary evidence for that in every case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Would you have gotten it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Chopra. You are very welcome. I want to clarify something from ... its the terminology you use. When you talk about the view of IMF staff and you say things like "IMF staff" when you talk about imposing burden-sharing, are you talking about the view of the IMF representatives here on the ground or the view of the organisation, or is there a difference?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: The view of the IMF institutions?