Results 10,741-10,760 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: You couldn't have resisted the pressures that were coming.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Were they making decisions with the appropriate advice? I ask that because on page 32 of the Wright report:There was no analysis or advice on the broader risks to the tax system from a more general downturn in economic activity from levels created in part by pro-cyclical fiscal policy. ... such analysis should have been provided and communicated forcefully to the Minister for Finance and the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Just a final question because I'm ... I'm out of time. You said earlier on, "We weren't successful in making our advice stick." So, were the decisions taken in the budget contrary to the advice of the Department?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: So, the budgets decided-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: -----the budgets decided after 2003, were decided contrary to the advice of the Department of Finance was giving for that budget year?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Thank you, Chair, and thank you, Mr. Doyle. So, a few brief questions following on from your earlier evidence today. You said earlier on that accepting the consensus view of the soft landing was a mistake. But were you not a part of formulating that consensus view ... in that language soft landing? Because we heard in evidence from Tom O'Connell about the 2007 financial stability report...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Because according to Mr. O'Connell, the editorial control was actually exercised by the board in a one-day or two-day session during which they would finalise the language for the financial stability report and that the language-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: But do you recall receiving that first draft and-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: You said earlier on that September was the crisis point but there were earlier crises in 2008 and one in particular was the St. Patrick's weekend-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: ----- in March of that year. At that point, one bank, no one would lend to one bank in the Irish economy. In another bank, no Irish bank would lend to. The Governor and the Financial Regulator were approaching each of the banks and asking them to lend to each other. That was the green jersey agenda. €20 billion had been wiped off bank shares in Ireland since the beginning of the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: That's just the potential share run, though. That's almost a crisis point in itself. At the end of the first few months of the year, which had already seen a number of mini-crises and I listed them out, the different things that were happening. Banks weren't lending to Irish banks. Irish banks weren't each other. The Financial Regulator and the Governor were going to the banks asking...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: With anything that's already been discussed by the domestic standing group since the summer of the previous year.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: You're anticipating something, why not take an opportunity then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: I don't want to go over old ground Mr. Doyle, I'm actually running out of time. So I will just move on to ... just briefly, were any decisions taken at that Cabinet meeting on 28 September, the Sunday meeting in 2008? Any decisions by Cabinet in relation to the banks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: But ... but if Cabinet makes a decision, you would be informed?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: Thank you. Earlier on in evidence you were talking about the Minister and the Taoiseach going into a room and coming back out and saying, "We're going for a guarantee and not nationalisation", and you used the words "for the moment". So, was it implied that nationalisation was coming, shortly, down the line?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: So was it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Eoghan Murphy: From your recollection-----