Results 9,401-9,420 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: So, a team did come from the Commission in September of 2010 and it's been characterised by Mr. Cardiff that the purpose of that mission was to make an initial precautionary assessment of the potential for a bailout programme. Is that accurate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay, but could we characterise that then as the beginning of bailout discussions or contacts at a technical level?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. And then we move to later in September. Minister Lenihan has gone to Brussels for discussions with Olli Rehn. And Olli Rehn communicated to the Minister - this is according to Kevin Cardiff's evidence - that he thought Portugal would be next in line for a bailout but that you told him that you thought Ireland would be next for a bailout. Do you recall that discussion?
- 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: Okay, so ... but that was your thinking at the time, that Ireland would be - this is the end of September - that Ireland would be next for a bailout?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Was it easier to manoeuvre Ireland into a bailout given that they had withdrawn from the bond market?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Easier to manoeuvre Ireland into a bailout given that they had withdrawn from the sovereign bond market?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Was the Commission involved in the Deauville declaration in October?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: The Deauville declaration from France and Germany.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: But the Commission wasn't consulted before that declaration was made?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. Can I move forward, then, to November and to the G20 summit? Was the Commission at the G20 summit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Were you at the G20 summit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. We've heard in evidence of the frustrations from Irish ... members of the Government that fellow member states but also either ECB or Commission officials were briefing against Ireland in Seoul and that this precipitated the need, almost certainly, for a bailout. Does that sound familiar? Are you aware of any briefings or conversations or discussions on Ireland at the G20 meeting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Did you share your view with people there that Ireland would need a bailout?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay, but you weren't party to any informal decisions that were made?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Thank you. I want to move forward, then, just to burden-sharing and the legal advice. Did the Commission get its own legal advice on whether or not it was constitutional for Ireland to impose losses on senior bondholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Was it put to the Commission that Ireland might hold a referendum on the issue in case there was any constitutional uncertainty?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Was it put to you that Ireland might hold a referendum to amend the Constitution so that it would be legal to burn senior bondholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: So you weren't . . . that didn't come up in a discussion that you were party to?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay, thank you. If I might just move on then to March 2011 and the new Government is in place. There are negotiations on the interest rate that has been agreed with the bailout programme and the possibility of producing it. Was the Commission of the view as early as March 2011 that the interest rate needed to be reduced?