Results 11,261-11,280 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: You cannot?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: No discussion. Okay. Thank you. I might return then, if I may, to board oversight of risk policies? Mr. Crowley, the group risk policy committee was set up to assist the board with its risk oversight and governance responsibilities. Did this committee assist with, or assume, the risk oversight and governance responsibilities?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Did it assist with, or assume, the group risk-----?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Sorry, the group risk policy committee.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Which was set up to assist the board with it's risk oversight and governance responsibilities, did it assist with, or assume, these responsibilities?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Or assume, these responsibilities?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Okay. So it was a ... these responsibilities were delegated to the committee?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Okay. When Mr. Boucher was before us he was asked if there was insufficient oversight on the part of the board in relation to this committee, and he replied, "Yes I think so." Can you-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: This committee - oversight of the group risk policy committee.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: So, you wouldn't agree that there was insufficient oversight of this committee, by the board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Mr. Burrows?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Mr. Burrows, do you think you placed too much trust in senior executives on the board, who were also on these credit and risk committees?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Okay. In July 2003, the Financial Regulator said that "The examination raises questions about the maintenance of lending standards in your institution and about your on-going monitoring management and control of risk in relation to residential mortgage credit." That's in BOI - B1, page 67. Do you recall that criticism from the Financial Regulator at the time in relation-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: You don't. Mr. Crowley, do you?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Okay. Can we bring that up, please? Do you recall concerns being expressed actually by the group risk policy committee itself in 2004? Thank you. It's there at the bottom, if you like, on your screen, this is from the Financial Regulator, and the quoted paragraph at the bottom "The examination raises questions about the maintenance of lending standards in your institution and about your...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: There is a reply, addressing that concern.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Addressing that particular concern that's expressed. In your reply, you address that concern.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Okay. Do you remember the actual discussions around this letter at the time on the board?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: Okay. Thank you. I'll move on then, if I may. Mr. Crowley, did you ever feel like the bank was under pressure to change its model or its business, given the apparently rapid success of other banks like Anglo Irish Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Eoghan Murphy: And then after you retired, do you believe that the culture in the bank or the activities of the bank changed?