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Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: An ECB team came to Dublin in September but in October ... towards the end of October, the 25th, a team from Ireland went to Brussels. And this was effectively ... from what's in Kevin Cardiff's long statement, the first salvo in the opening-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: 25 October, an Irish delegation goes to Brussels.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: He says he goes in ... they attend the first part of the meeting with the Commission and it maintains "for a brief moment the fiction that the ECB was present to deal mostly with banking matters". So, just commenting on that idea of this fiction, that they were only there to deal with banking matters, the role of the ECB played, were you kept informed of the role that they were taking in the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: Mr. Cardiff writes about that being a fiction, that they're somewhat at a distance, that while they haven't signed an agreement, they're there at the negotiations. They are playing a part in those-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: Had they that authority though? Do the ECB officials have the authority to be in the room, getting involved in those, kind of, detailed discussions that are outside the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: Okay. Coming then to the end of the negotiations, and you have written in that same chapter in the Lenihan book: It was on Friday, 26 November that the Troika staff told Brian in categorical terms that burning the bondholders would mean no programme and, accordingly, could not be countenanced. For whatever reason, they waited until after this showdown to inform me of this decision, which...

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: The ECB?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: Sorry, you'd be on the Irish side of the table-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: -----all the time? That's ... and that's clear to you in your role and that's the role-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: -----you had taken at the negotiations. Okay. Talking about the interest rate that was agreed because Mr. Cardiff says there was a little less solidarity in the interest rate from the ECB and you said that we didn't like the interest rate on the table in the negotiations.

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: This issue of less solidarity, I mean what-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: My final question then is, in relation to the ... moving to January, February, March 2011, and there was a view in the Department of Finance at the beginning of 2011 that burden-sharing might then be acceptable. There was a view that perhaps the view of Mr. Trichet, in the ECB, had shifted. Were you aware of that at the time? Did you sense that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: -----and what ... where did it come from?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: So did you give that sense to the Department, that burden-sharing might be acceptable then?

Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)

Eoghan Murphy: And just to clarify a point, you said all of the G7 were against burden-sharing, but weren't the UK in favour of it on that teleconference call?

Written Answers — Department of Finance: Departmental Records (24 Jun 2015)

Eoghan Murphy: 133. To ask the Minister for Finance if he will report on those controls within his Department for the management of data and files, including all records relating to departmental and Government decisions; the changes that were introduced in 2011 to ensure the completeness of such records; and if the systems now in place are to be audited on a regular basis to ensure they are working. [25323/15]

Written Answers — Department of Education and Skills: Schools Building Projects Administration (24 Jun 2015)

Eoghan Murphy: 218. To ask the Minister for Education and Skills when the next five year plan on new school building projects will be announced. [25237/15]

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Eoghan Murphy: Thank you, Chairman, and thank you, Mr. McCarthy, you're very welcome. I'd like to look at Vol. 1, page 88, please in the evidence books and my question relates to the over-exposure of banks to commercial property, which was a flaw identified by the Regling-Watson report and if you look in that evidence book, it's page-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Eoghan Murphy: Yes, page 88.

Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)

Eoghan Murphy: Yes. So, it's ... this is an issues paper from May 2005 and, if you go down to the fifth paragraph, beginning: The section has identified the need to explore data sources and development of analysis of non-residential construction as a priority. Data is more limited in this area and up to now. Non-residential construction accounts for about half of construction output so it is worth...

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