Results 10,881-10,900 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And as part of that inspection they had high priority findings and medium priority findings. One of the medium priority findings noted that one bank had underestimated its exposure to an individual borrower by €1 billion. So my first question would be would that still be a medium priority finding?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Even though the rankings has been for high priority, medium priority? When these on-site inspection reports come back to you they will have findings: high priority, medium, low. Are you not familiar with how they-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: But when Mr. Neary was here he intimated that a high priority finding-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: -----would be highly unusual.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. Well let me ask the question another way, then.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Well, would ... would a bank underestimating its exposure to an individual borrower by €1 billion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: -----would that be something you'd want to address first?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. Would that still be possible today? Would it still be possible for an inspector-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: -----to go in and to find something like that in a bank in Ireland today, such an underestimation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Thank you Mr. O'Connell, you're very welcome. Could you just give the committee an understanding, Mr. O'Connell, of how senior you were in the Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Who did you report directly to?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. So you were quite senior in the Central Bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: But you weren't on the board. Were you still privy to board papers, though?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: To what end would these minutes or these reports have come to you for comment, for agreement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay. And then when it came to ... kind of, to drafting or signing off key external communications from the bank - a financial stability report, a pre-budget letter - were you central to those ... to the preparation and signing off of those documents?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: So, if someone want to make a change to something that you had drafted, would that have to come back to you for approval? Would final wording of a document have to come back to you for approval?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: Okay and in terms then ... if you look at something like a financial stability report, and the engagement between Central Bank and the regulator on preparing those reports, after 2004, from previous evidence we've heard, responsibility fell more to the Central Bank. Why was that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: It is fair to say, then, when it comes to the 2007 financial stability report, that the Central Bank is the key player in drafting that report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Eoghan Murphy: And are you key in the Central Bank to drafting that report?