Results 9,821-9,840 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay. And that meeting took place when? Sorry, just to remind me.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: And just before I move on from this area of questioning, do you think that any of the contacts between yourself and Mr. Cowen - any of the contacts that you made or any of the contacts that you facilitated - resulted in any understanding at all in how the interests of the bank might be considered in a way that might have influenced Mr. Cowen's decision making in the run-up to the guarantee or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay? Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Thank you. Thank you, Mr. Drury. Let's move on to your interaction with Dr. Nyberg for his report. Because in his report, in paragraph 2.9.6 he says, "The Risk function in Anglo was inadequately resourced and did not have the conviction necessary to ensure compliance with credit policy." But I think in your opening statement you said that the risk function was well resourced so-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Yes. Have you read the Nyberg Report and do you agree with that finding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Believed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay. This also from Nyberg then, "Most Anglo Board members did not appear to have sufficient experience or specialist knowledge to fully recognise the specific risks attaching to a fast-growing monoline bank". Do you accept that finding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Fast-growing monoline bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay, well then ... moving into that in a bit more detail then; the monthly risk management reports ... at Anglo, noted on a continuous basis, the bank was in excess of the Financial Regulator's single sector exposure limit, which is 200% of own funds. By July 2008, just when you came off the board, the exposure was at just over 600% of its own funds. Were you ever concerned about this...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: No, I can come back on the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Thank you, Chair, and thank you, Mr. Drury. Just a few points for clarification, if I may.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: There was a loan review process by risk management in 2004. Do you remember that, or do you remember at least from the documentation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay. And so in April 2004 Pat Whelan, who is the head of group risk, writes a memo, in which he notes that development exposure has increased from the guideline limit of 15% of the total loan book to about 21%, and there's a need to agree a strategy to reduce the exposure. Was any strategy agreed to reduce the exposure, from your recollection?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay. So then following on from that, in terms of why the warning in the memo might have been ignored or not followed up on, can you recall? Because development ... exposure to development only increased after that period, rather than decreased?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Can you explain why then, why ... given the warning in 2004 ... in fact is ignored, the warning is ignored and the trend goes on, as it has been warned about at that point in time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)
Eoghan Murphy: Okay. Another thing I wanted to clarify, just going back to the Druids Glen outing, does the document, "Building on Achievement", does that ring a bell?