Results 10,841-10,860 of 15,555 for speaker:Eoghan Murphy

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

Eoghan Murphy: So it wasn't ... was there a knowledge gap as well, in terms of understanding the asset quality?

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, thank you. And then just a final question in relation to your opening statement and again, it's on page 6 and it's in relation to the IFSC, talking about sector limit and it came up earlier. You talked about, the Central Bank had effectively relaxed these limits in the 1990s, in particular to facilitate the arrival of one large foreign bank which had a major sector exposure. It was...

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

Eoghan Murphy: So what you're saying there is we relaxed the sector limits to attract one particular bank and as a result in terms of, I suppose, looking for fairness, we then relaxed the limits for everyone else.

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

Eoghan Murphy: Okay. Do you think that's perhaps a perverse way to approach sector lending limits? That in order, you know, to change the rules for one so they must then be weakened for everyone else.

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

Eoghan Murphy: It's been relaxed.

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

Eoghan Murphy: But if the standards were then relaxed for everyone else-----

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

Eoghan Murphy: -----doesn't that imply that there's something ... there's a problem there? And it implies it not in hindsight, but at the time-----

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

Eoghan Murphy: If you're relaxing the sectoral limits?

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

Eoghan Murphy: For one bank, and then as a result have to relax them for everyone else, doesn't that imply that ... I mean, doesn't that imply that you're approaching this the wrong way in terms of regulation?

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

Eoghan Murphy: Excuse me?

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

Eoghan Murphy: Yes.

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

Eoghan Murphy: At the time, though. At the time shouldn't that have been very obvious that the tail was wagging the dog?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Thank you, Chairman, and thank you, Ms O'Dea. You're very welcome. I just wanted to talk about the IMF country mission to Dublin in 2009. Were you involved in working with the IMF when they came? I think it was May of 2009.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: So you were involved in the IMF when they came to do that country report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: And that involved then being involved in terms of their work in relation to NAMA that they were doing at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Okay. I just want to ask a question on that, if I may. In paragraph 20 of their report, they say: The authorities did not formally produce any estimate for aggregate bank losses. They have focused on the needed restructuring of property-development loans, which they rightly view as at the heart of stress faced by banks. Why didn't you have any estimates for aggregate bank losses at the...

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: You couldn't produce them to the IMF but you were working on them?

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Because they just noted that you did not formally produce any estimate for aggregate bank losses.

Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)

Eoghan Murphy: Was it a mistake to focus on the restructuring of property loans in banks rather than to spend more time focusing on the aggregate losses that they were facing?