Results 6,121-6,140 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay, but it is fair to say that the management had a view in favour of burden-sharing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. You say in your opening statement that you provided Ireland with a specialist lawyer to advise on burden-sharing. When was this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Yes, and how long did they remain?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: It was just a matter of days, it was not through until March 2011. Okay, thank you. You also say in the opening statement about the memorandum of understanding and how it intentionally leaves open the possibility for burden-sharing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Did you communicate this to Fine Gael and Labour around the time of the agreement of the programme?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. But can you confirm that you were meeting with Opposition parties around the time of the agreement of the programme?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. Can you comment on whether or not you advised as to the possibility of burden-sharing at a later date - after an election, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Did you speak to ... after the actual election, it's been reported that you met with advisers from Fine Gael and Labour before a national coalition government was agreed and formed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: But you don't recall specifically seeking to brief Fine Gael and Labour advisers after the election and before the Government was formed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Sorry. Just to clarify, it has been written that after the election, prior to an actual coalition government being arranged, that you, on behalf of the IMF, sought out the coalition advisers on financial and economic issues -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: ----- to brief them and it's also been characterised that the IMF was a third partner, or the troika was a third partner in those negotiations.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: So, quite soon after the new Government was formed, the Government thinking ... Government understanding on burden-sharing was that it was going to attempt it again at the end of March 2011. So what was the IMF position at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay, so you were in agreement with that distinction and what followed from that in terms of burden-sharing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Then, just to clarify two other things from your opening statement, one is in relation to the spillover risks which the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: ----- thank you, Chair - which the ECB feared and you say that they were exaggerated. If you could comment just a little bit more on that, just so we can understand that because it’s quite important in understanding why we didn’t pursue burden-sharing but also, as well, you do give a figure in your opening statement of €16 billion around November 2010 but ... did the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: And is there a file or is there a note for that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Buti. You are very welcome. I just want to go back, if I may, to 2008. In your opening statement you say that it is not for the Commission to judge whether ultimately the decision to issue the guarantee was a good one or not. But the Commission had to approve the guarantee for state aid purposes, so was that not a judgment being made by the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: You can improve something in terms of state-aid rules but you can remain neutral on the actual decision being made.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. Well, what are the judgments you make when you say the guarantee was too generous and magnified the fiscal impact of the banking crisis? You say that in your opening statement. Is that not a view or a judgment from the Commission now?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: No, no, I have and I'm going to go through it with you, don't worry, yes.