Results 10,341-10,360 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Just the point-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: It's just the point I made is you can't necessarily trust that information.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Final question Mr. Cowen, why let it become a systemic risk? Because in March of '08 you had the Governor of the Central Bank asking two pillar banks to lend to another bank and those banks said they would if that lending was guaranteed. You go forward to September, you have the exact same situation, also you're already ... you're also bringing in a system-wide guarantee for all the banks,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Thank you Chairman, thank you Mr. Cowen again. I just want to clarify a couple of pieces of evidence that we got in previous sessions. In the run up to the bailout negotiations were you aware that Governor Honohan suggested to Minister Lenihan in April 2010 that Ireland would be next for a bailout after Greece?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: So you don't recall Mr. Lenihan passing that information on to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Okay. And were you aware that a precautionary programme from the IMF was suggested to the Governor in May 2010 and that he then put this forward to the Department of Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: But this is separate. This is the IMF ahead of a ... they were coming over to do a country report and they suggested to the Governor that we might wish to seek a precautionary programme, one of their new precautionary programmes from them in May 2010. Do you recall that specifically being passed on to you at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: At what point, then, did the possibility or the likelihood of a bailout come into your view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Just to be clear, these discussions were with a view to having to avoid a bailout? That you could achieve these fiscal corrections-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: I might come back to that but I just want to briefly address the issue of burden-sharing with bondholders, before the bailout, though, and before the end of the guarantee. So as the guarantee comes to an end in September, close to €19 billion of unsecured senior bonds come out of the guarantee - €4 billion to €5 billion were bonds issued to Anglo and INBS. And between...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Did they make this expressly known to you before the end of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Why do you think the Central Bank was looking at the possibility of burden-sharing with senior bondholders, and even large depositors, in August-September 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Was any part of the State apparatus recommending burden-sharing to you at that point?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: And the Minister for Finance?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Kevin Cardiff told us that the NTMA were in favour of burning bondholders if it could be forced on us by Europe, if Europe said we must burn bondholders. So were we in favour of the Deauville declaration?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Are you talking about the after effects or before it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: But were we part of the thinking that led to that declaration to be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Governor Honohan said that after the Deauville declaration the die was cast and we were heading for a bailout and that was clear.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: Governor Honohan. Was that clear to you at that time, that we were heading for a bailout?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (8 Jul 2015)
Eoghan Murphy: From the evidence we got from Mr. Cardiff, we see a number of interactions between Minister Lenihan and different officials from the ECB, the Commission and the IMF. Do you feel that Brian Lenihan kept you informed of developments at all times?