Results 10,821-10,840 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Was any level of attention given to this introduction of this new product, 100% mortgages-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: And despite the concerns, and they've already been referenced earlier in the proceedings over the increase in mortgage lending that was happening in the banks, as expressed in the 2004 financial services report ... stability report, excuse me, you took those assurances?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Okay. And did you ever think to recommend to customers that they should not take on these mortgages?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Okay, but it was never, you know, a move authorised by the board to say go out and say to people, "Do not take these mortgages"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: She didn't meet opposition at the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: She didn't meet opposition at the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: No, okay. Just moving on then to, to page 4 and it's in page 6 as well of your statement. You make two references to IT systems, and I'm just wondering ... you talk about problems in the IT unit and then later on you reference how these problems impacted upon your ability to conduct on-site inspections of the banks. Are we talking about a simple IT problem, or are you implying something...
- 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: Okay ... but the inadequacy then impacted upon the regulator's ability to conduct on-site inspections?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: And so what was the result of that then in terms of getting in more adequate systems or fixing the problems that you were encountering?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Okay. And did this ultimately then lead to a lack of information as to the bank's individual levels of lending, credit quality, exposures, when we come into the crisis period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Okay. Thank you.
- 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: Okay. Just moving on then to compliance statements on page 6 of your opening statement. And you talked about the Department of Finance getting involved and giving a clear signal that this did not have Government support, your move to conduce compliance statements. Did you need Government support?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Can you elaborate on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Is that ... thank you. Is that appropriate that they do that?
- 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: Okay. And then just moving on then, further on that page, relates to the prudential pack and it's already been addressed, but that first paragraph under 2.5, you said: "The Executive assured the Authority that all these loans had strong asset backing." But was anyone checking? In the Financial Regulator's office, was anyone actually checking the quality of these assets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: This is the five by five?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Eoghan Murphy: Yes, I was just in the middle of a question. Thanks, Chair. Just in relation to that process though, because in that five by five exposure test that was done into the big developers, it was found in one of the tests that one of the banks in terms of calculations of an exposure to one individual borrower, was out by a billion. But it also noted that the - and I'm paraphrasing here - that...