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Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Was there too much hype or euphoria in the, in the building sector?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: What's the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: The final one from me. What was the biggest mistake, not you but Ireland, made, Ireland Inc. made in all of this crisis which had such dreadful effects right through the economy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)

Sean Barrett: Thank you very much. Thanks, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Thank you Chairman and welcome Mr. Murphy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Are you the sole chief executive in Irish banks to survive the cull of bosses after the State guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: I think Senator Ross, as he was, I think gives you that title in any case.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: And on the night of the guarantee you were in Donegal or coming back, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: And did your company have any role in the bank guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Maybe that's why you've survived. Sorry I shouldn't keep making ... you say "By the time I joined EBS-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: You've expressed concern to Senator D'Arcy about the speed of the growth in credit. Do you have any idea what - indeed of 25% and 30% per annum in the lead-in to our troubles - do you have any idea what should be the correct rate of growth of credit in our kind of economy?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Thank you. Now, you say in your statement, on page 11, "By the time I joined EBS [and that's January 2008] the damage had been done and could not be corrected in the short term." Could you describe that damaged bank that you've joined?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Were there oversight problems? And I refer you to core document Vol. 2, on page 127, the task force Medusa, was, was that part of your correction when you took over?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: And in the same volume, there's a very long letter from Yvonne Madden, the Financial Regulator, from pages 37 onwards, which shows, shall we say, a wide range of administrative reforms needed. Just looking at pages 43 to 45, you see items like "no evidence" of what the borrowers did, "not clear" what the purpose, "no evidence", "not clear", "not legible", "not legible". It looks like you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: That letter is dated to you on 3 March 2008, and I make it there are 65 recommendations. So was the era of light-touch regulations over? And you were doing reform but you were also ... I think the regulator had certainly been into the business and gone through it with a fine comb at that stage.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: How do you analyse 100% mortgages?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: What was Haven Mortgages? Was that a company you had to shut down?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Irish Nationwide wanted to take over EBS in November 2008. How did you respond to that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)

Sean Barrett: Was that subject to commercial confidentiality, or did you, for instance, feel like informing the Government that ... what you'd found when you looked at Irish Nationwide-----

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