Results 10,701-10,720 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: But still, just to clarify the advice that was being provided to the political level wasn't taken up at the political level, and then do you accept the criticisms in the Wright report on the role of the Department in that budgetary process in those years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: I might come back to that a little later on. I'm running out of time, Mr. Cardiff. I just want to follow up a couple of things that weren't clear from the documents you presented to us. The Sunday Cabinet meeting the day before the guarantee was made: was any decision taken at that Cabinet meeting, because you provided in documentation a quote from John Gormley, who was in Cabinet at that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Would the expertise have been in the room on the Sunday to, kind of, come to even an informal decision?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: I'm not asking that question. When you look at the people who were in Government Buildings on the night of the guarantee, were they in at the Cabinet meeting attending on the day before?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: So it's unlikely then that the Cabinet might have even made an informal decision on the Sunday, the day before the guarantee, to implement a guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Thank you. Just to move on then to the next day, and you said in your report on page 29, But once the main decision to grant the broad guarantee had been made, the level of movement in and out of rooms and corridors went up considerably. There was a lot to be arranged:[ including]... - Preparations had to be made for an incorporeal Government Meeting - a consultation of Government...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: I just want to come back to the Cabinet in terms of the level of information they were receiving at the time-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Yes, final question, concluding question. Because as you say in your statement, there was always going to be a meeting that day. Things were happening, things had been happening over the weekend. I mean, would it have been possible for a Cabinet member to disagree with the decision, if they weren't at the actual meeting at which the decision was arrived at?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: This would be over the phone.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: To whom?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Thank you, Chairman. Thank you, Mr. Moran, you're very welcome. Excuse me. Just to continue on from that line of questioning from Deputy O'Donnell, you said earlier that the structure of the bailout was wrong at the beginning. So, just to be clear, what are you talking about there when you talk about the structure of the bailout? Are you talking about the rates and the pace of the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: In the general-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: But sticking to that point, then, on the interest rate reductions, I mean, what lead the way for that change in thinking with our troika partners, that actually it would be more beneficial to have a lower rate, nearer to the cost of borrowing, to help us out of the programme quicker? Was it in an initiative from the Secretary General of the Department or where did it come from?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Thanks, Chair. Moving on later then through the programme and on to the, say, the promissory note situation, which was discussed earlier, how important was the change at the top of the ECB to helping improve that situation for us and maybe improve our ambition in relation to getting something done and getting something done sooner rather than later?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Do you recall going on a meeting to Frankfurt-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Yes, Chairman. Yes, ... going to Frankfurt, I think, was in July 2012 perhaps, with the Minister. And I think it was the first meeting or first delegation to meet the new President, and it's been reported that following that meeting then, there was this new reflection on ... I think the quote might have been, "This is someone we can do a deal with." And then that's when things went into...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Eoghan Murphy: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Thank you, Chairman, and thank you to the witness, you're very welcome. I want to return to an area of questioning that Deputy O'Donnell raised earlier, if I may. And it's in relation to the introduction of the new regulatory structure in 2003. When that new structure was put in place do you believe that there were effective instruments available to it to deal with excessive credit growth...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: They had sufficient powers to regulate the banks.