Results 10,561-10,580 of 15,555 for speaker:Eoghan Murphy
- Written Answers — Department of Foreign Affairs and Trade: Nuclear Proliferation (30 Jun 2015)
Eoghan Murphy: 497. To ask the Minister for Foreign Affairs and Trade his views that the failure of the 2015 Non-Proliferation Treaty review conference to agree an outcome document increases the urgency for the negotiation of a new legal framework to ban and eliminate nuclear weapons, in keeping with the spirit of Article VI of the Non-Proliferation Treaty; and if Ireland will take a leading role in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Thank you, Professor, you're very welcome. I just want to continue with Anglo, if I may, for a moment. When you came in in September 2009 and became Governor of the Central Bank, how significant was Anglo for you coming in? I mean, was it the majority of your work or was it just another piece of a puzzle that you had to solve?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Your starting position was the PwC analysis at the end of '08.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: When you came in September, I think the first €4 billion had just been provided to Anglo in terms of capital between June and September, so what did you do? I mean, the banks just received this money, I mean, off the back of that capitalisation, then do you go in and do another loan analysis or a first-time quality of the asset or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: So, from the moment you started then as Governor, you were working towards figuring out what the further recapitalisations for Anglo would be?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Okay. So, and did you have any idea at that time in September that, say, the recapitalisation that took place in March, I think it was €8.3 billion with the possibility of a further €10 billion being invested which was later, had you any idea it was going to be on that scale?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: You did?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: That was in September of '09, that meeting with the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Your advice to Government then from September was always that this money has to be put into Anglo, that there was no other possibility or no other mechanism that could be put in place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: So that money had to be given. And in terms then of the promissory note and that arrangement, that structure, where did that come from? Whose idea was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Alan Ahearne, an adviser to Minister Lenihan, has implied in his writings that it was the intention of the Government to renegotiate the promissory notes at a later stage when they were entered into.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: You would've been involved in those conversations though.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Okay, so if it is the case though that's what the Government was thinking at the time-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: -----but if it is the case, were they incorrect? I mean, was it disingenuous on their part then to put forward that structure to you?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: Okay, thank you. Moving forward then to March 2010 and Anglo record, I think, the largest corporate loss in Irish history, further recapitalisation for Anglo, for other banks and you say that from mid-April 2010 you could see the need that Ireland might need a bailout. You had a conversation with Minister Lenihan who was at a eurozone meeting and you said to him-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: -----''We might be next for to need a bailout''.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Eoghan Murphy: So, were you surprised at that response?