Results 9,921-9,940 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: As worse-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. Let's just look at this strategy paper because there's four alternatives for going forward as they presented. You've got "Hold", "Lean and Mean", "Step Up" and "Rocket". So which strategy did you support?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Sorry, it's page 101 of Vol. 1. It's also in your first booklet, the first green booklet, Vol. 1. It might be handier.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: 101.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Yes, is that the one that you supported as well? I mean, was there unanimous support for "Step Up" or were there different points of view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. The "Step Up" strategy allows for it to evolve into any of the other alternatives as circumstances allow. Did it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Exit strategy. And when did that change to an exit strategy? After-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: 2008, first half.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Can I move on, if I may, to ... it's page 110 in Vol. 1 and it's a board meeting in February 2009. Your candidacy for re-election to the board is evaluated and the minutes state that you "would not be invited to stand for election as director for a second term" in the interest of the society. Can you just expand on that for us, please?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Was it a voluntary departure then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay, but just to come back to what's in your opening statement and some of your earlier conversation about this constant battle, maybe, that you were having with the board over the future direction of the society and the risks it was facing. And there seemed to be disagreement there.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: I mean, does that play into this decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Battle ... okay, I beg your pardon.
- 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: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. I just want to look at two other areas then, if I may, in the time I have left. One is this reliance on wholesale funding. Because in 1998 100% of funding for the society came from retail deposits. In 2001 it's down to 70%. By 2008 it's 47%. Was this shift intentional? Did the board see it as a risk at the time? Did they understand the potential risks at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Mm-hmm. But do you feel that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. I have to move on, I'm afraid, because I am limited on time. Just the last thing I want to look at is Haven, the broker market business that EBS went into, which was a significant change for the society. Do you think the board had a sufficient understanding of what it was getting into? And how important was this move to the society, given that the CEO of Haven was also not invited...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Very shortly after it had been established.