Results 12,021-12,040 of 15,555 for speaker:Eoghan Murphy

Children and Family Relationships Bill 2015: Second Stage (Resumed) (25 Feb 2015)

Eoghan Murphy: I congratulate the Minister on bringing forward this Bill. It is legislation that once adopted will not necessarily change the world we know but more accurately reflect it. The traditional concept of the family evolved a long time ago and it is great that politicians are finally catching up to that fact. I am proud to be part of a Government that is doing this important work to reflect...

Written Answers — Department of Finance: Cycle to Work Scheme Administration (25 Feb 2015)

Eoghan Murphy: 75. To ask the Minister for Finance if he will amend the bike to work scheme in order that if a bike is stolen, a person has an opportunity to re-apply again once within the four year period, as long as a Garda statement has been provided. [8335/15]

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Picking up on the previous questions and on this knowledge of insolvency in two of the institutions - this knowledge the management would have had - how do you know they were aware their bank was insolvent?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Just to clarify, you are basing your knowledge on the recordings that you have listened to from the capital desk-----

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: I thank the Chairman. Professor Connor, you said earlier that it was dead obvious with hindsight, and probably at the time - the insolvencies in the banks. You also said that a thoughtful Cabinet meeting should have been able to see that Anglo and INBS were insolvent, even with the bad information they were getting from regulators. Can you expand on that, please?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: When you say "thoughtful Cabinet meeting", what are you saying?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Can you just expand on the political benefits from the policy?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: I will move to a different area in the time I have left. There was a delay in setting up NAMA and you said there were unfortunate consequences of that. Do you know why there was that delay?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Thank you.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: I want to go through the Nyberg report with Professor Walsh, if I may. I presume the professor has read that report.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: In the written statement provided to the committee, Professor Walsh references the argument that "international accounting standards had prevented more prudent provisioning for possible future losses during the growth phase of the cycle" but says he believes that this conclusion may be too strong.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: When the professor says a diversion, does he mean in terms of apportioning blame for how the risks were missed?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: That implies then that the banks understand the risks of this pro-cyclical impairment accounting.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Professor Walsh spoke about inadequate disclosures concerning the increased risks faced by the banks. If there is nothing preventing the banks from disclosing, why do they not do so?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: So, the auditor comes in, on an annual basis, to the banks. Nyberg also says that the new standards that we have referred to meant that external auditors could not insist on earlier loan-loss provisioning. Does the professor agree?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: When one talks about "external users", are the auditors in that category? Do they understand the accounts in the same way the banks would? Do they understand the risks in the same way as those preparing the accounts for the auditors would?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Is it fair to say that they would have understood the risks on the bank balance sheets being presented to them?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: Nyberg also states that the combination of growing property and funding exposures, combined with material governance failings, should have raised questions for the auditors about the sustainability of a bank's business if they were exercising the necessary "professional scepticism". What does Professor Walsh understand from that?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: I am trying to get a sense of the obligations on the auditors if they understand risks on a balance sheet but are performing their duties in accordance with the accounting standards. Are there obligations on them to ring a warning bell if that were required?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Eoghan Murphy: In terms of breaches in prudential sector lending-limit guidelines, four of the covered banks breached those limits for property and construction lending between 2002 and 2008 but in a majority of cases the auditors did not report these excesses to the Financial Regulator. Is that unusual?