Results 11,661-11,680 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Thank you, Chair. I just want to ... just a couple of brief questions then. The accounting standard, IAS 39 ... did you understand the flaw in that standard when it was introduced?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Did you express that view to anyone?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Were you aware that the banks in Spain were ignoring the application of that accounting standard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: And was there any discussion that you might follow the lead of the Spanish banks and ignore it yourself?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: And did your bank or the auditors discuss bringing this to the regulator's attention?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: And was there any discussion then of doing your own internal bookkeeping that wasn't for official accounts that would, you know-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: No, you'd meet these standards with your official accounts, of course, and with your auditors, but you yourself would take your own look, using a different accounting standard, to be safe?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: No, but in terms of understanding what the potential provision might need to be under different standards?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: But would you ever attempt to calculate what those, you know, wished for provisions might need to be?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Was documentation kept on that?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Do you remember how significant the discrepancies were between the wished-for provisioning and the provisioning under the accounting standard?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Sorry, the difference, the difference.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: But the feeling that you couldn't do that was because the regulator had not permitted you to go outside of that accounting standards?

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Sorry, you said that's why in Spain that's why they were able to do it.

Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)

Eoghan Murphy: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Thank you, Chairman, and thank you to the two witnesses. Mr. McDonagh, I'd like to just briefly, with a couple of short questions, return to your work in September 2008 with the NTMA. I think you mentioned earlier, before we broke, that the NTMA was called in to advise the Department of Finance in September '08?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: Technical assistance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: And were you the person leading on that from the NTMA with the Department of Finance?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: And you were brought in to advise on what, exactly?

Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Apr 2015)

Eoghan Murphy: What was being discussed at that meeting?