Results 10,441-10,460 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: When was it established? It says early 2008 but do you know exactly?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: And was it part of the domestic standing group or was it a separate structure?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: And did it report directly to you or to the Department or to the domestic standing group?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Okay. And would Mr. Cardiff then report to you? I mean, were you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: So, are you satisfied that you were aware of the up-to-date liquidity position of the banks once this liquidity group had been established?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: We've had evidence in the committee to date on the green jersey agenda in March 2008. Are you familiar with that term and what that agenda was?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: So this is with the Governor and the Financial Regulator going to the Irish banks to ask them to lend to each other because of funding difficulties at the time. Were you aware that this was happening at the time, that the Governor and the Financial Regulator was making this approach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: At the time, the pillar banks wouldn't lend to one particular institution, Irish institution, and another Irish institution couldn't borrow from anyone at all, so do you know was this green jersey agenda set up for one particular or two particular institutions or for the system as a whole?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Were you aware at the time that it didn't work?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Were you worried about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: The financial stability issues paper, that's on page 3, Vol. 4 of the document from January '08, which we've discussed previously, or earlier, excuse me, it talks about this idea of ELA and that, basically, being the last, kind of, port in the storm because of the lessons learned from Northern Rock. On page 5: As the recent liquidity difficulties at Northern Rock have...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Was the purpose of the green jersey agenda to avoid the banks having to take ELA because of the market perception concerns?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Is it fair to conclude, then, that one of the banks or some of the banks were already at that Northern Rock position, then in March 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: That's clear from the scoping paper. When Patrick Neary was before us in the inquiry, and we discussed this, he said the approach was made because they wanted to avoid the use of public money. So was there a risk of public money having to go into an institution or some of the institutions, at that point in time then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: When I asked him why it hadn't worked, he said that when they approached the banks to lend to certain institutions, that the banks would only consider this if it was guaranteed by the Government. Were you made aware of that at the time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: Thanks, Chair. But just with hindsight, because you weren't aware at the time, what does it tell us when the Financial Regulator and the Central Bank feel the need to go to certain institutions in the State to ask them to lend to others because they don't want to risk public money, and the banks' response is, "We'll only do it if we're guaranteed with public money."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: What does it tell us about ... sorry-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: To try and return to that point: regardless of what motives the banks might have, the concerns of the regulator and the Central Bank, and, obviously, the concerns of the Government, given the stability, the scoping paper in January, in hindsight, what does it tell us about the liquidity situation of the banks, and what action perhaps should have been or could have been taken at the time by...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: When who comes to us? Is that the banks come to the Government?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Jul 2015)
Eoghan Murphy: The authorities. Okay. What I'm wondering is at what point, though ... at what point should the authorities have gone to you, given the work that was done? I mean, if you look at the scoping paper again from Vol. 4, it outlines three scenarios. One is an institution that is illiquid but solvent. The second is an institution that is insolvent or approaching insolvency and, on page 7, it...