Results 10,021-10,040 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: Okay. Well, if I might just take you back in a final question to when you were leader. You spoke about it earlier, at the beginning of January 2007, prior to the election, talking about going out with some warning signs about the economy and you said you weren't onto a winner. So did you deliberately decide not to campaign on fiscal ... prudent fiscal responsibility or to sound those...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: How do you go from a position where in January 2007, you have these concerns, that you air them publicly, to a manifesto for the election which is not raising any warning bells about the banking sector or about financial regulation, on which almost every page is a commitment to increase spending? How do you make that transition?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Jul 2015)
Eoghan Murphy: And did you ever think that you were not putting enough resources into the area of financial stability when you were leader of the Labour Party or using the resources of the Oireachtas in that way, to have a proper understanding of the stability issues?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Thank you, Chairman, and thank you both, gentlemen. In relation to the board meetings at the CBFSAI, there'd be discussions before you would take the position to, say, agree a financial stability report or a pre-budget letter. Can you tell me were contrarian views ever expressed and also then how was consensus reached in terms of agreeing a report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: To you both, please.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Would either of you have been aware of contrarian views at senior management in the Central Bank not making it ... their way into the boardroom?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Would either of you have been aware of research being conducted and then not being included in the first draft, say, of a financial stability report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Sorry to go over this again, in the 2007 financial stability report, the view was taken that there would be a soft landing in the economy and Professor Honohan, in his report, wrote that there was no analytical evidence for this conclusion in that report. So can you remember that discussion and how you decided to favour the soft landing for the report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Mr. Begg, did anyone say, "Where's the evidence for this? Where's the evidence in this report for the soft landing?"
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Leaving the orthodoxy aside for a moment, in 2006 the financial stability report had a report on overvaluation of house prices. It didn't feature in the 2007 report. Subsequently, looking back from 2008, they saw that, had it featured it would have showed an over-valuation of more than 30%. So, being involved with the financial stability reports each year, did you not notice in 2007 ......
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Concerning the lack of the research in that particular financial stability report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: I think it was subsequently found that had that research been in the financial stability report, you couldn't have reached the conclusion of a soft landing. So I don't think it's correct to say-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Just moving on, Mr. Begg, if I may, you were chairman of the audit committee. How long were you chairperson of that committee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: About ten years, okay. And what exactly did that involve then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Of the Central Bank but not the individual banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: Of the Central Bank but not the individual banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: And did that work change at all after the Act of 2003?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: There was two separate audit committees, one for-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Eoghan Murphy: So as chairperson you had sight, then, as well operationally of the audit of the Financial Regulator.