Results 11,281-11,300 of 15,555 for speaker:Eoghan Murphy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Mr. Burrows, did you see ... in relation to property lending in the bank, did you see your chairmanship as continuing the practices that were already at the bank and at board level or did you break with the past in some way?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. Was there confusion in the bank in 2004 about property lending, as Mr. Boucher stated in his appearance before us?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: So, if we could talk about this ... this specialised property financing unit that was set up in 2001, the purpose was to write high risk, higher return property transactions and it also had the following objective - to allow business banking to compete more effectively, in particular with Anglo Irish Bank. Is this an example of Bank of Ireland changing its business practice to compete with...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: But do you think there was, you know, a particular focus on Anglo Irish Bank and its activities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Did you increase your risk appetite then for property lending because of what your competitors were doing?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Even though the rationale for setting up the specialised property finance unit was to facilitate in writing higher risk, higher return property transactions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: 2001.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And then in 2004 it led to the creation of a dedicated property unit-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: -----and that was set up ... responsible for managing relationships with a total group exposure in excess of €30 million and the rationale for that was that, "In the past 5 years we have under performed in this top end market, which has been dominated by Banks with specialist property units, most notably Anglo Irish Bank." So is the move to a dedicated property unit in 2004, is this...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: -----of Bank of Ireland changing its business practice to compete with Anglo?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Yes, and yet you cite Anglo twice in your minutes over that period of time specifically and ... this is in relation to the restructuring of the bank and the establishment of a dedicated property unit ... that you do cite Anglo.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Thank you. Thank you, Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Thank you, Chairman, and thank you to you both. Just two broad areas I want to just briefly touch upon, if I may, and the evidence document is BOI - B2, page 56, for the first area, and it's regarding exceptions to credit policy on lending. This is a document that we got back from the Bank of Ireland actually, looking at the period 2004 to 2008. The average exception rate for buy-to-let...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: So just to clarify then, a high level of exceptions like we see there means that there is greater scrutiny of what's going on with each of those lending decisions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Yes. So there isn't a correlation the between, say 73% of those connections in terms of what was transferred to NAMA and the write-down in NAMA loans?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay, thank you. The other area I want to touch upon is just briefly, going back to the night of the guarantee because it's just something I don't understand myself, if I may? On the night itself, yourself and AIB were together in the room at all times. The two banks and no one else, except for when you were with Government officials, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: So, when Mr. Goggin would have been making phone calls to Mr. Boucher, back in Bank of Ireland, he was doing that in front of you and in front of AIB.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: And this is in the context of them trying to see if they could secure this €5 billion-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: -----each in funding. And did you make any phone calls yourself?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Eoghan Murphy: Okay. And did you have any contacts with anyone else in Government Buildings that evening?