Results 981-1,000 of 1,212 for speaker:Dara Murphy
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: I have to welcome this significant improvement but given the strength of the economy at the time, it is outrageous that the Central Bank sought increased resources and did not get them. I would like clarification.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: In fairness to Mr. Cullinan, he was not the person who made the request nor did his colleagues and, therefore, we have no alternative unless the Department has knowledge as to whether a request was denied by the previous Government.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Either it was requested or not.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: I do not have an answer to my question but there is a process and perhaps I will get one at some point in the future. The issue of regulation is significant.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: For the committee.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: I will be as discreet as I can. I acknowledge the good work that has been done in maintaining so many jobs in the current climate. In regard to the industry’s processes, as a layperson it is extraordinary that an insurance company would not employ actuaries. The actuarial process seems to be at the core of the insurance business. Did the auditors have actuarial experience? The...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: If they had an actuarial function it is extremely regrettable that they did not identify the lack of actuaries in Quinn Insurance. Mr. Cullinan stated that the Central Bank was largely dependent on whistleblowing. Clearly in this case not only was no one blowing the whistle but there was not even a whistle to blow. Does the Central Bank contain a dedicated separate division for the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Mr Cullinan acknowledged that in recent years significant resources have been provided to support his work. The period we are discussing is between 2006 and 2009, which was a period in which this country had more money than ever before and, perhaps, ever again. Mr. Cullinan’s comment that the Central Bank was under-resourced is significant and should be borne in mind by the...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Mr. Cullinan made it obvious to his supervisor that he needed more resources. What was his position in the bank?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: I assume the person above Mr. Cullinan was in charge.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Mr. Cullinan was head of insurance.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: What was Mr. Cullinan’s position at the time?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Did the team have responsibility for Quinn Insurance?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Mr. Cullinan approached the person who was in charge of the insurance division and requested additional resources. From what he has stated, that person also requested additional resources. What happened when they did not get the resources?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: I am not sure it is appropriate to identify specific individuals by name but does Mr. Cullinan believe the person in charge of regulating our insurance industry went to the Government to request additional resources?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: There is nowhere else to go for resources other than the Government. There is no third party.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: That would be the bank’s internal resources.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: In other words, resources could be moved from the banking sector. Clearly, resources were not being lashed out for the banking sector during this period. I am not being facetious in that regard. Are the people who can answer that question still working in the Central Bank? Alternatively, can one of the departmental officials tell us whether a request was made to the Government for more...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Would it be appropriate to get an answer to this simple question at some point? Given that the Irish taxpayer is required to pay out €1.6 billion, an allegation has been made by the person in charge of insurance regulation that a request was made for more resources but we do not know whether that request was denied or submitted.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Quinn Insurance and Insurance Compensation Fund: Discussion (10 Oct 2012)
Dara Murphy: Mr. Cullinan indicated that-----