Results 10,301-10,320 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Thank you, Chairman. Thank you, Mr. McDonagh, you're very welcome. I just wanted to clarify something initially in relation to a hypothetical that Deputy Doherty took you through, just to be certain of your views on the night of the guarantee, even though they weren't requested. If you had been asked into the room, and you had been asked by the Taoiseach, "We're thinking of guaranteeing...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: But would you have used that word?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Okay. And if you had then ... if it had then been put to you, "Well, the Financial Regulator or the Central Bank have certified their solvency", what would you have said to that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Okay, well then just coming back to a couple of days and weeks previously, you said the nature of the people in the NTMA are questioning and that the Financial Regulator had a problem with you asking questions, and it gets to the point where you say, "Maybe, these guys just don't know what's going on or what the situation is with the banks." So did you make those concerns known to anyone...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: So Mr. Cardiff in the room would have known that the NTMA thought that the Financial Regulator and the Central Bank-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: -----didn't know what was going on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: So do you know if Mr. Cardiff made that point in the meeting about the fact that the NTMA didn't have confidence in what the Financial Regulator and the Central Bank knew?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Okay. I think it's probably good advice, Chair,. If we might request that information from Mr. Cardiff-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: -----on those two points, as to whether he said the view of the NTMA was that those two banks were insolvent, and that they didn't have confidence in the knowledge in the regulator and the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: And also, if we could, that e-mail that you sent with the 30 or 33 questions, could you supply that to the committee, Mr. McDonagh?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Thank you. Just to then move on to something that Senator O'Keeffe raised earlier in relation to the deposit guarantee scheme, and just to understand a bit about what that meant. That increase from €20,000 to €200,000 was for every ... every institution in Ireland; was that applied to everyone?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Did you have to consult with the ECB before that change was made?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Okay, and just ... if I could clarify something on page 3 of your opening statement. This is about the meeting on 18 September which Mr. Hurley gave evidence on. And this was a meeting about a deposit guarantee, not a blanket guarantee, and you were saying that the "Central Bank and the Financial Regulator did not favour such an approach at that meeting." Did not favour a deposit guarantee-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: So that came up as a suggestion from ... from where, from-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: So, this is my next question: "not in that space yet" ... when you move from €20,000 to €100,000 and people start talking about wholesale as well, have we taken a particular step that is going towards a guarantee of everything?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Okay. I'll move on from that if I may then. And, if we could look at page 27 of the booklet ... is this e-mail exchange from William Beausang of 26 September. And just a quick question ... just to clarify, the third paragraph in, which is combining the take-on of the banks' balance sheets of Anglo and INBS of €110 billion, and guaranteeing the others of over €420 billion. My...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: This was the NTMA's view of what a blanket guarantee actually would cost.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Okay, thank you. And, then just further on in that e-mail, in the next paragraph, at the very end of that, "We expect to pay a lot more than Greece due to the scale relative to our GNP as the market will be unforgiving about our problems." And you also mention then, on page 4 of your opening ... opening statement, that you were trying to build up a war chest of liquidity to deal with the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: Yes, I know, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Jul 2015)
Eoghan Murphy: So the cost of borrowing would increase to the point at which we might have to access funds in terms of a programme or the IMF or-----