Results 11,041-11,060 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. You'd had a simulation at the end of 2007 and so now, in early 2008, we've moved from simulations and exercises into actual possible management of a crisis coming?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: So then, in relation to March 2008, we heard evidence from Mr. Hurley last week about the green jersey agenda. Are you familiar with that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: So where did the Central-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. I'm just curious though as to where the Central Bank and the regulator got the authority to approach Irish financial institutions in secret to ask them to provide each other with funding support in order to maintain the financial stability of the system?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: But did the domestic standing group know about this?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Did the board of the Central Bank know about it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Did the European Central Bank know about it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: And the Department of Finance, did they know about it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. In March 2008, it's about five months since one of the pillar banks has cut funding off from another bank, so was the green jersey agenda designed to support a particular institution?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: So, if it wasn't-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. So, if it wasn't concerning an individual institution, then the concern was a systemic risk?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. And yet you're not aware if the domestic standing group, or the Department of Finance, or the board of the Central Bank knew that this approach was being made?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. And was this green jersey agenda ignored by the banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. Was it an approach in the context of discussions in February 2008 in the ... of the circumstances in which a guarantee of all bank liabilities might be necessary?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: But this action being taken, then, in March 2008, are we already in the type of crisis that you say that the domestic standing group is preparing for?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: 2008.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: But prior to that share price issue in the middle of March, you were already considering the possible nationalisation of an Irish bank or a system-wide guarantee to all liabilities?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: What does that mean?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: You had a fear for the system?