Results 11,001-11,020 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: You went to financial institutions to ask them to provide each other with funding support in order to maintain the financial stability of the system. Is that correct?
- 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: So the approach had nothing to do with the fact that five months previously, one of the pillar banks had cut off funding to one of the other banks in the Irish system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Okay. Did the board of the authority know that you were doing it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Know that he was making this approach with Governor Hurley.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: That yourself and Governor Hurley were going to the banks making these requests.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: And did the Deportment of Finance know that yourself and the Central Bank were doing this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Okay. And do you feel that this would have been an appropriate time in which to make an intervention in the Irish banking system?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: You wanted to avoid the risk of having to use public money? So the risk was there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Did the approach fail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Did this approach fail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: You said that you left in December '08, but my understanding is that you left on 9 January 2009 and you stayed in office, in the building until the end of the month.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Can you comment then on what occurred between 8 January 2009, when the Irish Government formally notified the ECB that they would be recapitalising Anglo Irish Bank, to then 15 January 2009, when they made the announcement that they would be nationalising Anglo instead? What, what led to the change of decision and what discussion did you have in this regard?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: And is there any relationship to that decision and to your resignation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: This is my final question then if I may, Mr. Neary, in relation to the work of the domestic standing group, and discussions for draft legislation for the Minister to take ownership or nationalise a financial institution. You remember these discussions that were held in the DSG about this legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Okay, but in the domestic standing group meetings, there was a discussion had, and just to quote a minute from the 17 April meeting, which we can't bring up because of 33AK; from the Central Bank' side it was mentioned, for example, that the Financial Regulator might wish to direct an institution not to pay out a dividend, cancel bonuses or-and dispose of assets etc, to include that in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: We have that in evidence, we have that in evidence.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: This discussion happened before the board decided to pay that dividend. But in 2008, over €1 billion was paid in dividends by the banks to their shareholders and that ended up being paid by taxpayers. So why was this power not put into the legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: Even though the Central Bank was recommending to the Financial Regulator that they might want to put it into the legislation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Eoghan Murphy: It's the domestic standing group, you were responsible, as the Financial Regulator.