Results 10,661-10,680 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Perhaps the Governor looking at what was happening with NAMA and speaking to the IMF was looking forward to September and what would happen in terms of a banking problem becoming a sovereign problem but Governor Honohan has written that he was quickly put in his place by Merrion Street officials when he conveyed this request or the suggestion from the IMF person in Ireland. Do you recall any...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Okay. Thank you. Moving forward then to the end of July 2010 and the dependency of the Irish banking system on emergency liquidity assistance is increasing. Anglo is approaching, I think, €15 billion, and the guarantee is due to expire in September and again, Governor Honohan has written how he made sure the ECB was fully aware of how this situation, the dependency on ELA was...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: You write about there being a quite lengthy delay in receiving the Commission approval for this limited extension of the bank guarantee system, which may have exacerbated the situation. So what was happening in August that led to this delay and how did it exacerbate it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Did the delay make the situation for Ireland worse as we entered the end ... approached the end of September?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: But just to clarify, it wasn't due to a lack of action on our side?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Okay. I want to move forward then to mid-October 2010, if I may. Minister Lenihan went to the IMF annual conference in the US with his adviser, Alan Ahearne. Did you attend that conference?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: On the flight, the Minister and his adviser discussed the pros and cons of a possible euro exit. Did you ever have those conversations with the Minister?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: But you had conversations with him about it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Okay. And was any risk work done by the Department of Finance while you were there to investigate the pros and cons of a possible Irish exit from the euro?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Okay, and what did that work involve - a unit being set up or a paper being drafted?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: For confidentiality reasons in case the information-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: So it was a serious consideration?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Okay. And just to clarify the nature of the work, this secret work. You said about being ... finding yourself I think, unceremoniously outside of the euro. But was it contingency work in case we decided to exit or in case we were forced out?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Okay, but we were doing contingency planning in the case that we might, through no fault of our own or through a conscious decision, should events change?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: When did this unit finish its work? Or when was it stood down?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: So it was still in operation when you left?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Let's move on then. Before the bailout, before we actually entered into the bailout, close to €19 billion of unsecured bonds came out of guarantee in September 2010. €4 billion to €5 billion were bonds to Anglo and INBS and between September then and the actual beginning of the bailout programme, €2.4 billion of unguaranteed, unsecured bonds were repaid. Did the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: These were senior, unguaranteed, unsecured bonds.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Did you seek advice from the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Are you aware that for a time the Central Bank was contemplating recommending to the Department that there be a bail-in of Anglo and INBS bondholders at the end of August, beginning of September?