Results 11,141-11,160 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Eoghan Murphy: Okay. You would not have thought so.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Eoghan Murphy: Do you remember then if Merrill Lynch, at that follow-up meeting, was sticking to the warnings against a blanket guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Eoghan Murphy: Okay, and just as a final question then. So, you don't participate in the follow-up meetings on a Monday and a Monday evening in terms of being in the room, as you were then, so have you briefed Mr. Neary in the interim as to what is happening? And do you ... did you brief him with the recommendation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Eoghan Murphy: With a recommendation ... would you brief with the recommendation as to a view?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Eoghan Murphy: Okay, and you didn't keep a minute yourself of this ... of these meetings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Eoghan Murphy: Okay, thank you very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Thank you, Chairman, and thank you, Mr. Hurley, you’re very welcome. Mr. Hurley, in your opening statement you said that the Central Bank was divested of supervisory powers over financial institutions after the 2003 Act. Is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: But did you maintain responsibility for system-wide stress testing of those institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: But the power to conduct those tests, is that not a supervisory power of those institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Is it a supervisory power as well?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: But you had the power to mandate a stress test of all institutions and to write to the banks in question and get them to carry out a stress test.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: You refer in your opening statement as well to the 2006 stress test and that it was an IMF stress test. Was that an IMF stress test or was it a Central Bank stress test?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Calibrated by the IMF.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: So they set the scenario.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: The application ... and what about then the different variables within the scenarios? Who would decide on those?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Okay. When the Central Bank wrote to the institutions in 2006 about conducting a stress test, this was in February and the test took place then over the next couple of months, it didn’t mention the IMF at all. The rationale that was given at the time, from the documentation that has been provided to us about stress testing, was that it was in relation to vulnerabilities highlighted...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: So it wasn’t to do with concerns highlighted in the financial stability report in 2005.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Okay. Well, in the documentation that's been received by the committee in relation to the stress testing ... the letters that were issued to the banks doesn’t mention the IMF at all and, in fact, it talks about concerns ... vulnerabilities highlighted in 2005, including very high credit growth, rising indebtedness, property prices rising and increasing concentration on...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: The general documentation received by the committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Eoghan Murphy: Okay.