Results 9,581-9,600 of 15,555 for speaker:Eoghan Murphy
- 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: Were you making assumptions of their own personal wealth in terms of personal guarantees? Were you making assumptions in terms of what they might be exposed to in terms of borrowing from other banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Was any of this being backed up with paperwork in terms of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: But did you have full visibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Because there was an inspection done by the Financial Regulator at the end of 2007 and ... you had just left, but this relates to lending done under your period in charge. And there was a number of findings and one of the findings was that, "several show how much trust the banks were placing in the unverified assertions of their borrowers with regard to their personal wealth, and how...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: "The inspectors noted that the institutions have been unable to obtain a Net Worth Statement from [Mr. X], as he is unwilling to disclose such details in writing. In addition, the statements provided by [Mr. Y and Mr. Z] have not been certified by a third party". So, was this happening in Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: This inspection report found that the understanding of bank A's exposure to a developer ... another bank's exposure to the same developer was out by more than €1 billion. So I mean, how can you tell me that you had accurate understanding of their exposure to the banks and then you could be out by potentially €1 billion in this case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, a level of trust. A big developer who you have now decided to back, you know, from 2006. Are you really going to interrogate them about their personal wealth or their exposure to other banks when they've been with the bank for so long? Would you really be able to have that relationship with them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And you would just trust the figures?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And what about this idea of management estimates rather than figures coming from the borrower themselves?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay, then that contradicts what you just said about the vigorous approach you took to getting this information.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: And they would have provided documentary evidence for that in every case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Would you have gotten it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Eoghan Murphy: Thank you, Chairman. Thank you, Mr. Moran. You're very welcome. I want to begin with the crisis period beginning in '07. At the beginning of '07, a stockbroker in Davy's begins advising against the purchase of Anglo shares because he believes them to be overvalued. What was your reaction when you heard that news?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Eoghan Murphy: Your reaction to stockbrokers who were claiming that the stock was overvalued by two thirds and were recommending a "hold" or a "sell". Do you remember any particular reaction yourself or in the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Eoghan Murphy: Have you read Simon Carswell's book on Anglo Irish Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Eoghan Murphy: Well, do you mind if I quote a couple of things from that book to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Eoghan Murphy: There was a meeting of investors in Anglo's boardroom in September 2007 - something you did regularly, you brought people in - and a stockbroker from Davy's was there who had been advising against purchasing Anglo's shares because he felt that the falling property market and rising cost of borrowing would be a problem for the bank. And it's alleged, or it's written in the book, that you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)
Eoghan Murphy: Were you a shareholder in the bank?