Results 9,461-9,480 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: This was in May 2010.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: No, you weren't included in those conversations. Okay. In relation to the bank funding cliff that was approaching in September 2010, did the Minister and the Department, were they, were they sufficiently aware of the seriousness of that situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And was there frustration in the Department on what was perhaps a delay on the part of the ECB, in terms of engaging on this issue, because Governor Honohan told us that he had to write to the ECB twice to bring it to their attention in the summer of 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay. Just staying with the ECB, in your opening statement you talk about them misjudging the systemic nature of the crisis, and you also talk about question marks about the ECB's communications with markets about individual member states. Could you just elaborate on, when you talk about that second point, about the ECB's communications with markets about individual member states, is that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And, just then in relation to that, when it came down to the conversation about burden-sharing with bondholders, could it, could it have been a unilateral action on the part of the country? Is it not something that you don't announce, or you don't negotiate on, you do it, and then try and deal with it then? Was that at all part of the kind of calculations that the Department was making or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Just when that window opened up - end of guarantee before the bailout negotiations - and the IMF are talking to you about a figure of €4 billion and Mr. Lenihan is thinking maybe 50% of that, was anyone saying let's just do this, rather than wait to be told that we can't?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And, just staying on that issue, just one last question. Do you recall any conversation between Kevin Cardiff and the ECB when - we're later into November now, this is negotiations and discussions - and the ECB had its own legal advice on whether it was constitutional for Ireland to impose burden-sharing and Mr. Cardiff retorted that, you know, we could have a referendum if we needed to....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay. Just finally, going back to October and I think it was in your travelling over to New York you wrote in a chapter with ... for the book on Mr. Brian Lenihan about a discussion you had with him about the euro and about possibly exiting the euro. We know from other evidence that there was a unit doing work on potential contingencies should we find ourselves outside of the euro or should...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay. And you would characterise that as being real left field in terms of a possible option.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Did you give him any advice on it or was it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, thank you. The final section we are looking at, if I may, is the national recovery plan because you were involved in drafting that document, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Something else I wanted to ask you about was ... because, again, in that chapter you submitted ... or in that book you submitted a chapter for, you talk about this visit from Olli Rehn in November 2010 and that the Minister had a bespoke plan for Ireland at the beginning of November and he wanted to discuss that plan with the French Finance Minister and with the German Finance Minister but a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Right. And the national recovery plan was a part of that bespoke plan and he wanted to talk to the French and German Finance Ministers about it but Olli Rehn intervened. Was he asked to intervene or on what authority was he working?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Because of what had happened in Seoul, because of the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Was Olli Rehn sent off as an emissary on behalf of the Government? Was he asked or tasked with, you know, sussing this out on behalf of the State or was he just picking up, you know, what was the view at Seoul and that's why he communicated that back?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Just to clarify, sorry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: So Olli Rehn had a discussion with partners in Seoul on the bespoke plan that Brian Lenihan had come up with and communicated to him in Dublin and they made a decision on it, or not.