Results 9,421-9,440 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: This is my final question Mr. Buti. We have it in evidence that in March of 2011 the new Irish Government was in discussions with the Commission about reducing that interest rate but that this had to come off the table because France and Germany raised again the issue of the Irish corporate tax rate. Is that what happened? Is that why those negotiations were postponed until later?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Thank you, Chairman, and thank you Minister. I'll be brief, because a lot of the areas have been covered. I just want to clarify a couple of issues, if I may? The first is in relation to November 2010 and the memorandum of understanding that's agreed with the troika, and you are being briefed by the IMF at the time as the Opposition spokesperson from Fine Gael. Did the IMF, or...
- 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: In terms of then, when you come into government, what prompts the change in official thinking about the possibility of the ECB agreeing to burden-sharing when it comes to March 2011?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: And reflected in the programme for Government with the assent of the European Central Bank.
- 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: But does that mean that the European Central Bank had to sign off on our programme for Government?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: No. Can you just clarify what you're saying there in terms of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: I understand that now, okay. At the same time, in March, you are having discussions with the Commission as well about the interest rate. Is that correct? The interest rate on the loans from the troika and the possibility of reducing them. We have it in evidence from Kevin Cardiff that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Why I'm asking the question is, we have it in evidence from Kevin Cardiff that there was discussions with the Commission and they were in favour of reducing the interest rate at that time - it was just after the election - but that that was stopped because France and Germany reintroduced the idea of the corporate tax rate and because things weren't calm enough to pursue the interest rate.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Is that correct? Is that what kept us from negotiating the rate earlier?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay, thank you. Moving forward to 2012, and there's a change at the top of the ECB, and you led a delegation from here in the summer of 2012 to meet the new President, Mario Draghi. I was just wondering, the purpose of that meeting, was it just a formality or was this the first stage in addressing the promissory notes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: It was the summer of 2012. I don't know the exact date, sorry. I think it was July though.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: So, it was a significant change then, in terms of the new President coming into the ECB, in terms of what that meant for Ireland being able to achieve what it wanted to achieve with the various different financial measures.
- 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. Thank you. And to my final questions in relation to the Wright report and the Honohan report. Both reports were negative in different ways about the Department of Finance, and alluded to a particular type of culture or a lack of rigour in certain areas. Are you worried about the Department slipping back from some of the new practices that have been introduced? I ask this in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Eoghan Murphy: Okay. Thank you. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Thank you, Chair, and thank you, Mr. Ahearne. You are welcome back to the committee. I just want to stay with NAMA, if I may, because in your opening statement you suggested it was unfortunate that the details of the final tranche of loans, the transfer to NAMA was not available prior to the PCAR figures being announced, but you also said that the "subsequent upward adjustment made in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Was it weighed up in designing the process, this potential for the damage of drip-feeding information into the market about what was transferring across from the banks?