Results 10,501-10,520 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Mr. McCreevy, could you just stick to the questions that I am asking, please? I mean, I appreciate that you have, you know, a right to answer the questions but I'm trying to pursue a particular line of evidence. Now you mention in your reply there about the success of your budgetary policy as part of you preparing for the dangers of, the risks associated with euro entry. But, in 2001, at...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Thank you, Chair, it's Vol. 1, page 13, "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." That's a censure that came from the Commission in 2001, which you have alluded to in your opening statement. So that's what the Commission is saying about Irish budgetary policy and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Exactly. By the end of 2001; but this is the beginning of 2001. So, it was an accident.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: This wasn't a prediction, this was looking back, at previous budgets. I'm not talking about their recommendations for the coming budget, that they would make recommendations together with the opinion, I'm talking about them regretting that the advice was not reflected in the budget for 2001, "despite developments in the course of 2000 indicating an increasing extent of overheating". They're...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Based on overheating in 2000.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: In relation to the recommendation for the future, because of what happened subsequently in the course of 2001.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Okay, let us accept that on the Commission side. The Central Bank pre-budget letters, the pre-budget letter in 2000 - this is coming in at the end of 2000 for 2001- talks about commercial property prices as a source of concern, this is page 83 in Vol. 2, it warns about competitiveness in the economy and the heightened "risk of a hard landing for the economy", because of decisions taken. So...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Are they both wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: So the Central Bank and the Commission were wrong?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: And did you pay any attention to the pre-budget letters that came from the Central Bank, in your time as Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Okay, I want to move on to the McDowell report concerning regulation of the banking sector and the financial sector. We know that the report argued for a different model, excuse me, of a fully independent and autonomous financial regulator but the Central Bank and the Department of Finance were both against that recommendation. So what were your views on the model that was eventually...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Thank you for that. I want to move on now to the budgetary process when you were Minister and just again in that interview that I quoted from Jane Suiter, two months before you were made Minister you said, "No matter what the Minister says at the Cabinet table, they [and you are inferring the Cabinet] will not listen in the year of an election." Now, in Vol. 1, page 33, we have an excerpt...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: It's on page 32, I think, 22, sorry, of Vol. 1.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Well, before ... if I could just ask the question.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Okay. Well, the table on the left is the June fiscal framework.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Yes. Can you describe if and in what way the election in 2002 impacted on budget decisions in December 2000 and December 2001?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: I asked about 2000 and 2001.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Oh, no, I see but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (1 Jul 2015)
Eoghan Murphy: We know the process, Mr. McCreevy, it has been explained.