Results 10,981-11,000 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: The concerns that the IMF had in spring 2006, did you have these concerns?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Thank you, Chairman. Thank you, Mr. Neary. I'd like to return, if I may, to something that was raised briefly earlier. Its the five by five big developer exposure inspection that you instigated in December 2007.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Was that instigated at your request?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: When you say "the authority", you mean the board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: And following that inspection in September 2007, two high priority findings came back in relation to one institution, but there were several medium priority findings, and I'm reading here from the Honohan report page 70. The second medium-priority finding was that "The inspectors noted that some estimates provided to the inspectors as to the overall indebtedness of Group...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: So, a miscalculation or-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: It wasn't escalated to you at the time.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Okay, and would you have been surprised after your inspectors finding that out that they then only held a 20 to 30-minute debrief with the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: And the question is posed in the Honohan report, "At this rate, how much regard can the banks have had for the inspectors?"

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Was this ever brought to your attention while you were-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Okay. Well, should it have been?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: So it should have been brought to your attention?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: According to the Honohan report, which is sourcing Financial Regulator files, which it can't cite for legal reasons, it says, "Despite this catalogue of banking deficiencies [uncovered in the inspection], the full implications of the obvious lesson[s] - that loan appraisal[s] had been wholly inadequate and personal guarantees could not to be relied upon - does not appear to have been taken on...

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: So it would appear from that statement that the people working for you did nothing about that.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Do-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Do you take responsibility for the fact that the people working for you failed to realise the significance of what they found and failed to report it to you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Thank you. In March 2008, yourself and Governor Hurley approached the banks in what was known as a "green jersey" agenda. Do you remember this?

Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)

Eoghan Murphy: Okay.