Results 9,881-9,900 of 28,162 for speaker:Catherine Murphy

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: What would be deemed to be a large case?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: I want to skip through a number of matters. Mr. Carville talked about the net amount in respect of the cost of the bank, stabilisation measures and capitalisation. I assume that the Department did not include the tax forgone that can be set aside for up to 20 years and which was recently in the news. Has the Department calculated what that might have otherwise been?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: There is actually nothing similar to big corporates and the banks in these circumstances given that they would not exist if it were not for money that was put in by the National Pensions Reserve Fund and borrowings for which we are going to pay. Therefore, there is a very big difference and it does not appear that there is a Statute of Limitations, even uniquely on the banks, in respect of...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: Then we need to change the law.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: Mr. Carville referred in his opening statement to the initial public offering, IPO, that is, the €3.4 billion. What is the value of those shares today compared with their value when they were sold?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: That is a sizeable increase. What was the expected increase over that period? I am sure the Department would have done some calculations.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: It has gone up sizeably since.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: Could we have got more for the shares?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: Even though they have gone up in a very short period-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: -----by multiples?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: It just feels a little like roulette. I wish to refer to another sale of shares, namely, the Bank of Ireland shares. A European Parliament report on this has come out just in the last few days. I refer to the hedge fund with which Wilbur Ross was associated in 2011. It bought something like 34% or 35% of the shares after a large amount of money had been injected into Bank of Ireland and...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: In hindsight, the-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: However, in hindsight the 10 cent price-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: That was really rock bottom. There had been a public investment just before that. One would have expected it to rise from the very bottom at that stage. Has there even been any revision of that decision?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: All I can say is that they were bought in 2011, sold in 2014 and made €500 million. That strikes me as-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: There was a guarantee.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: I will move on to something else, over which I think there is still a question. Obviously Mr. Mario Draghi is the current President of the European Central Bank, ECB, but he was formerly the Governor of Banca d'Italia. My question relates to the allegations that were made by the then risk manager at UniCredit, Mr. Jonathan Sugarman, who has appeared before the Joint Committee on Finance,...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: Earlier today, the witnesses were saying they could not share information in case it could be commercially sensitive, in case this happens again. I suppose we are all being very careful about making sure it does not happen again and whistleblowers are particularly important from that point of view. I am just looking for the route information takes.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: How would we know if somebody came forward on that?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Murphy: If there was a protected disclosure, or something arose under the Central Bank (Supervision and Enforcement) Act 2013, would the Department of Finance be made aware of that?