Results 10,781-10,800 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----and the committee agreed to follow up those three items-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: When did that stress testing, the follow-up stress testing occur? Was that the stress testing in 2006?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Okay. But what about then the detailed analysis of the housing demand and a study of previous crises versus current conditions in Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Okay, I mean, the reason I ask is because in the Regling and Watson report, on page 29, they spoke about the problem laying in plain vanilla property lending, and the quote that they have is: "...lending trends in the Irish banking sector – especially from 2003 onwards – feature a pace of expansion, and a rise in asset and funding risks, that should have rung alarm bells."

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: This is the stability co-ordination committee-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----concerned about systemic and stability risks, talking about doing the kind of research that perhaps could have rung those alarm bells, and you're not sure if it happened or not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Okay, well then let's come forward to the end of 2004.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: And the financial stability report, and in the round table that you had. At that point in time were you able to have an input into the financial stability report, in co-operation with the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Your concerns made it into the financial stability report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Okay. And you met with the banks then to discuss these concerns.

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Did the banks ignore these concerns?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: You sit down with the banks at the end of 2004, and it's clear in the financial stability report your concerns about the property lending that's happening in the banking system. And in that same year, and I'll take one bank that's come up in evidence, Bank of Ireland, they have changed their income multiples, they've changed their loan-to-value policies, they've introduced First Start...

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Did they ignore you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: But did the banks ignore that statement that you made in 2005?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: Failed to convince them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: But could you not have done more than try to convince them? Could you not have actually-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----interceded, given the concerns, the systemic concerns you'd raised in 2004-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----which you had raised with them again in the financial stability report-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)

Eoghan Murphy: -----in the forum. They then go and introduce this new product, which we'd never seen before.