Results 9,561-9,580 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Okay. And what about the use of personal guarantees in the bank?

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. But there was an internal inspection report ... or, sorry, an inspection report done by the Financial Regulator in 2007 and one of the issues it highlighted was that the bank didn't have a mechanism for formally monitoring the overall extent of the loan book subject to personal guarantees. Why didn't it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Okay. Every loan would have been-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: -----subject to personal guarantee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Right.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: I see. So you didn't need to have a mechanism because it applied to every single loan.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Was that a mistake?

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: Thanks, Chair. Mr. Browne, looking then ... continuing on this theme, and enforcement of security, NAMA reported that a downward adjustment of €477 million in aggregate was required to the value of the loans acquired from the participating institutions due to the difficulties with enforcement of security, and Anglo accounted for 57% of this total, €273 million. So can you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Okay. So you don't think this is indicative of a lax approach to taking security-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: -----by Anglo?

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. And just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Final question, sorry. And it's just in relation to discussions at the board in relation to why the NTMA wasn't placing deposits with the bank. What was your view ... I mean, we have a view from Brendan McDonagh from the NTMA that they were always sceptical about the business model of Anglo and that the bank couldn't get deposits from the NTMA. And then, eventually, it did and the NTMA...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Or outside of the board in your role as MD of lending Ireland.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: On the strategic management committee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Okay, thank you. Thank you, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Browne. Just to come back to this 2006 policy change. You decide you're going to stay with your proven clients, the big developers who've got large scale projects in Ireland and that's going to be the MO from 2006 on. And then total lending in Ireland doubles over this period of time. Were you placing too much trust in these special clients that you...

Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)

Eoghan Murphy: So your lending was based on belief rather than based on hard data or-----