Results 10,421-10,440 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Thank you. I'm not asking for your interpretation, Mr. Cowen. I'm just asking if you accept the findings or not-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Because they're quite clear in the report.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: And they were commissioned by your Government.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: That's not what I was asking.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: It's a different question to the one I didn't ask. But, just again, staying with the Wright report, on page 48, Mr. Wright's talking about the monetary union and what impact that will have on fiscal policy, or what it should have, and he says, "Ireland failed this test of prudent fiscal management." And in your own opening statement, in paragraph 68, you say there was a failure to adopt...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: -----sorry, Mr. Cowen-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: But, the question hasn't been asked ... answered, sorry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: So, before I go to supplementary ... do you accept that? That there was ... Ireland failed the test of prudent fiscal management?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Mr. Wright. But you said it in your ... in your opening statement, in paragraph 68, there was a failure to adopt policies to reflect the realities of membership of the euro. You said that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: And that ... okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: No, sorry, he's talking about the Government adopting prudent fiscal policies to counter the fact that we no longer control monetary policy. I mean, you allude to this yourself in your opening statement, "Such conditions do not appear to have received adequate attention over the period 2000 to 2006". It's in your opening statement. So did we fail the task of ... test of prudent fiscal...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: This is my supplementary, Chair, thanks. Because, at the time, in February 2001, the Council did censure Ireland for its management of the economy. And I'll just quote from the ... the February Council decision-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: This is-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: February 2001, Chair: The Council recalls that it has repeatedly urged the Irish authorities, most recently in its 2000 broad guidelines of the economic policies, to ensure economic stability by means of fiscal policy. The Council regrets that this advice was not reflected in the budget for 2001, despite developments in the course of 2000 indicating an increasing extent of overheating. ...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: I think we will go to the other page in the Wright report with the graph, which has been brought up a number of times by colleagues, showing, actually, the June memorandum. And it was actually adopted by the ... the Government in the budget. That didn't happen following the year 2001. The budget for 2002 actually had the biggest discrepancy of all the years that we're examining, between...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: I'm not sure ... if you look at your screen I'm not sure if that bears ahead in terms of what this shows, because this advice was coming from the Commission, in fact it was a censure, it wasn't advice, in 2001, in February. And, this shows then ... the blue bar will show you what was being proposed in June of 2001 for the following year and what was actually agreed is the red bar, and we see...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Okay. So, is the conclusion that the Department did not heed the warnings from the Commission, from the Council, excuse me, and that we did fail then, the task of ... test of prudent fiscal management, at the time, not in hindsight?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: No, no, it's not. It's that you've run your ... your budgetary policies and your fiscal policy in a way that would counter the fact that you do not control your monetary policy. The criteria is that you run your monetary policy and fiscal policy in a way that would counter the fact that you do not control your monetary policy. So, for example, the wall of money that was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: No but, what was the purpose to his phone call to you? What was the nature of the discussion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Thank you, Chairman, and thank you Mr. Cowen. Mr. Cowen, in paragraph 23 of your opening statement you state: "A Liquidity Group chaired by a Central Bank official was established in early 2008 to obtain and disseminate information on liquidity developments from the main credit institutions and to identify any potential problems." Can you just elaborate on that group and what exactly it was?