Results 10,681-10,700 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: It wasn't settled policy then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: But you were still discussing the possibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: You have given us a huge amount of information about processes leading up to the negotiations with the troika and the formal negotiations and the conclusion. But I just want to look at the relationship, maybe, between the Irish Government and the troika partners and in particular, the ECB and I want to look at some of the language you use in relation to the ECB at various parts of your long...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: In terms of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: In terms of that agenda, and the agenda ... Mr. Trichet spoke about a global consensus against burden-sharing. Was Minister Lenihan part of that global consensus in November 2010?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Is this the conference call that happened between-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: You weren't on that conference call?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: No. My final question is to clarify then is, in relation to what the IMF was proposing, because when we got to March 2011, I think we're talking about €6 billion, but is it the case that in November were talking about €30 billion of bonds being haircut by as much as two thirds?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: But that didn't come to pass obviously following that phone call that you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: The subordinated debt on a voluntary basis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Cardiff. Just a couple of brief questions. Why even think about a bailout in 2008? If you believed the banks were solvent, if profitable even, according to some reports, there was a fiscal correction to be made but there wasn't a funding problem. So why did it flash across your mind and then why did you act on it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: So it was in case the guarantee hadn't have worked, we might have needed that programme from the IMF?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Moving back then ... or on to May 2010 and this offer from the IMF about maybe going to precautionary line. In April, the Governor of the Central Bank told the Minister that he thought we could be up next for a bailout. And earlier today, you said that the sovereign crisis began in April and exacerbated through May and June and into the summer. So, why wasn't that offer in May explored...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: At the time, there were discussions about what support we might give to Greece as part of the bailout and in a conversation, this is according to what Patrick Honohan has written, he did say to the Minister that we should be involved because we could be next.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: The question about ... and there's a view that ... the guarantee happens in September '08, Anglo gets nationalised at the beginning of '09 and NAMA gets to work, and then two years later you have this great movement as part of the bailout to finally bring a solution to the banking problem in Ireland. And you provided a memo to us written on 15 October 2008 in which you write to the NTMA, the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Eoghan Murphy: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Thank you, Chair, and thank you, Mr. Cardiff, you're very welcome. I just want to ask, just briefly, in the years prior to 2008 and the onset of the crisis, did you ever give any advice to the Minister or the Government on the risks associated with the trebling of public expenditure, the growing dependency on construction-related economic activity and tax revenues?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: You personally.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Is it fair to say then that the management committee in the Department wasn't aware of the systemic risks that were building up in the system through that period?