Results 9,981-10,000 of 15,555 for speaker:Eoghan Murphy
- 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: So how quick was the EBS to react to these concerns then? Was it two years until your appointment that the ... this separation was made?
- 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, thank you. Just moving on in the same book, up to page 109, this is the minutes of a board nominations committee meeting on 19 February 2009. On page 109 and turning over to page 110, and we have about two people who were invited not to reapply for re-election to the board. And just to comment on that in relation to Mr. Merriman, who was one of them, the minutes talk about...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Was it a mistake to let Mr. Merriman go?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. And then, just that same meeting, the CEO of Haven, the subsidiary, was also invited not to stand for a second term, because essentially the business had failed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Can I just ask you about that then, why would the CEO of Haven take responsibility in that regard for a board decision to establish the subsidiary and it then to fail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: The question is: the CEO of Haven was invited not to stand because the business had failed, essentially, and there was no role for the CEO on the board any more. But the decision to set up Haven was a decision by the board.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay. And just in relation to the joint venture that was meant to be happening, with Britannia Building Society, when did that cease to be a possibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: So why did the EBS decide to continue with that venture? They decided to go into the idea that it would be split 50-50 with Britannia. Britannia pulls out because of the worries that they have-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: -----with the Irish market, yet the EBS continues with it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: And what happened to Haven then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Right. And was there ever a cost put on the society for setting up Haven?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Okay, that's fine, we can find it ourselves.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Eoghan Murphy: Thank you. Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: Chairman, and thank you to both the witnesses. A lot of the areas I wanted to discuss have already been raised, so if I'm repeating myself please just let me know. Minister Bruton, in relation to regulation, in your opening statement, on page 4, you talk about a new structure for the Financial Regulator introduced in 2002. Is it true to say that you didn't feel it was a good structure for...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: So, I mean, you had concerns about the model and you had concerns about their capabilities, so why did you trust their work?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: Okay. When it comes to the 2007 election manifesto, I can't find anything in it relating to prudential regulation ... the need to improve our prudential regulation of the banks or really anything about the banking sector at all, in terms of substance. So, why not, if you had these concerns from 2002?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: So, what was, I mean, Fine Gael's reaction then to Northern Rock? Again, the concerns are there and Northern Rock happens, it's queues in the streets in Dublin; did you approach the Financial Regulator or Central Bank directly at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: But there was no way - excuse me - for the Oireachtas to directly scrutinise their work or hold them to account?