Results 10,861-10,880 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: In the second part of that paragraph it says that, "Staff noted that losses are likely to extend beyond the property-development sector as the economy weakens and the design of NAMA should incorporate that possibility." Were the IMF saying that NAMA should deal with more than just property-related loans?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, because in paragraph 24 of the same report it says that the authority saw merit in the IMF's staff suggestion "that NAMA-implementing legislation should encompass a broader ranger of loan types". So, you're in agreement with NAMA's view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: But was the thinking at the time that NAMA might have a broader scope than just property-related loans going onto its books?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, and then do you recall why the IMF staff queried why NAMA was acquiring good loans as well as bad ones?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. In paragraph 25 of that same report it states that, "Staff noted that nationalization could become necessary, which would be seen as complementary to NAMA." So, at that point, when this was published in June 2009, were your offices preparing for the nationalisation of any further banks in the Irish banking system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Is this not the IMF anticipating it in their country report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: "Staff noted that nationalization could become necessary but should be seen as complementary to NAMA."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, but that wasn't-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: No, of course. But what I'm wondering is, given that the IMF took time to note this in their country report, did you in your office then say, "Well, look, we need to look at the banks very carefully and we have to see about which ones have to be nationalised", and then, given what happened in 2010 at the end with AIB, I mean, did that not set in train, you know, work in your office to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay, thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Thank you, Chair. Mr. Roux, you're very welcome. When you came in as and took over the role of deputy governor, did you make any changes or did you continue the work of your predecessor?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Sorry. I'll be more clear, sorry.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Would you describe the changes that you brought in as a break with the past or a continuation? That's what I meant.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And ... would you say you encountered any resistance in your work, internally?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: From staff, or resistance to ideas, or the types of changes you were trying to make either internally within the organisation or from other authorities in the Irish State?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Coming to this on-site inspection idea, I mean, Deputy McGrath already raised it with you, and you said, I think, there was 40 people now-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: -----as part of the on-site teams. I take it as a result they're spending more time then in the banks, because the Comptroller and Auditor General previously had criticised the number of inspections taking place. So can we assume then that there are more inspections taking place in the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And there was also a criticism from the Comptroller and Auditor General about the methodology being used in the course of those inspections. Those criticisms were made in, I think, 1999, 2007 and 2009 about the methodology for calculating risk and how it needed to be improved. So what changes have happened there in terms of the work their teams are doing with this in calculating risk?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Just give an example then, just to see how things have changed.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Because in the Honohan report, on page 70, he was talking about the 5 X 5 big developer exposure inspection that took place in December 2007.