Results 9,881-9,900 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (30 Jul 2015)

Eoghan Murphy: Thank you. Thank you, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Thank you, Chairman and thank you, Mr. Merriman. You're very welcome. Just to pick up on that point ... just very briefly. I mean, the accounting standards didn't cause the crisis but did they hide the crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: No.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: In terms of not being able to look to the future and the potential losses-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Okay. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Okay, and the fact that the Spanish banks decided to allow for cross-cyclical provisioning in their own system-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: But you had a battle with the board about what you were reporting, didn't you, at one point?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Yes. But just you go on about it in length from pages 6 to 7 in your opening statement about ... and you specifically say that you didn't come under any ... or the only time you ever came under any real pressure or challenge on accounts in 2009, when reporting on the 2008 results-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: -----and there was no difference of opinion between yourself and E and Y with your provisioning but the Central Bank and the regulator did have a problem, though, "that the provisioning might cause wider difficulties for the other banks and we were cautioned at the highest of levels to be very sure that what we provided was really needed". So there's a difference of interpretation there in...

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Yes. On that point, other banks weren't doing that at the time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: But do you think that was unhelpful interference by them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: You were trying to more prudent and more honest, is that correct?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: And just to clarify, you were able to call it as you saw it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Okay. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: I just want to back to the time, just prior to your arrival with the society, and if we can go the evidence book at Vol. 1, page 95, and it's a board meeting in 2002 and I just want to ... this is where they discuss at length for the whole board meeting commercial property and also the risks around development finance and the moves that the board's making at the time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: It's 2002.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: So just to clarify ... when did the EBS see it as strategically important or appropriate for them to enter the commercial lending market? You say 1991?

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: Okay, and here, in 2002, we see them talking about making a play into development finance in a particular way. If you see it in front of you on the screen.

Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)

Eoghan Murphy: So what I want to understand is-----