Results 9,961-9,980 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. And "Everybody had been involved in what was the best thing to do in these circumstances ... we'd been discussing it days in advance"-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: I mean, are you referring to the Cabinet meeting the day before in which you had a brief discussion with the Minister in the anteroom?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Can I just to clarify then, no decision made on the Sunday, not even informally, to go for the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. Can I move forward then to the Cabinet decision on the bailout, which was 27 November 2010? And the Cabinet was informed that there'd be no burden-sharing in the terms of the troika agreement. And your reaction to that, please?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Can I just ask from your recollection as well, when the terms of the bailout were given to the Cabinet in terms of no burden-sharing and the interest rates that were to be applied, did someone describe it as the Treaty of Versailles when what was needed was a Marshall Plan?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Do you recall that exchange? And then that person being told not to say anything like that outside of the Cabinet room?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: I just hadn't had a chance to ask Ms Harney a question, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Thank you, Chair. Ms Harney, it's just in relation to fiscal policy at the adoption of the euro, because you mentioned it in a bit of detail in your statement.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: And you talked about in hindsight-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: -----it's clear that some significant policy adjustments were needed from about 2001 onwards and it was exactly the beginning of 2001 that the Commission and the Council censured us for incorrectly using fiscal policy and for overheating the economy. And an article at the time from the RTE said, "Harney accuses European Commission of misjudging Irish economic situation." Now, obviously, you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Ms Clarke, you're very welcome.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Now, I'd like to look at Vol. 1 please, of the evidence books, page 41. It's a question, when exactly did you become credit risk officer? Or sorry, chief risk officer?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: 1 January 2009?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Not 2007?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. Here we have on ... on page 41 in ... in the volume, board meeting from 1 March 2007, and how concern from the regulator that "Alan Merriman is responsible for both the Commercial business and the Risk function".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: And we spoke about this with Mr. Merriman at the time, and he said that the person in charge of risk at the time had access to the board and had access to management. That wasn't you then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: As head of risk, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: I think Mr. Merriman was saying that his head of risk, excuse me, was ... had access to the board and had access to management, if that person needed it. So is that an accurate reflection of the access you had in terms of decision making or making ... for you to make something aware? Could you bypass him I suppose is the question.
- 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 and so do you think at the time that the regulator made this ... this was put forward by the regulator to the board, that the regulator was right to make this distinction, that there should be a separation of function?