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Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Eoghan Murphy: Moving away from the concept of restructuring and looking at the approach from the EU and the IMF in terms of the actual bailout terms, if we look at the difference in the terms, the IMF loan was provided over a longer period of ten years and at a rate of 3.1%, whereas the EU loans were to be paid over a period of seven and a half years at a rate of 5.9%.

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Eoghan Murphy: Dr. Donovan mentioned in his opening statement why the IMF may not have been more explicit when it came to sounding the warning bell for Ireland. He states, "There could have been pressures both within the IMF and vis a vis the authorities to dismiss the possibility of such very negative outcomes." Dr. Donovan says this on page 8 of his opening statement. I know Dr. Donovan is only...

Written Answers — Department of Education and Skills: Home Tuition Scheme Eligibility (17 Feb 2015)

Eoghan Murphy: 452. To ask the Minister for Education and Skills if she has had an opportunity to review correspondence (details supplied) regarding section 6 of her Department's circular 48/2014. [6911/15]

Valuation (Amendment) (No. 2) Bill 2012 [Seanad]: Second Stage (Resumed) (12 Feb 2015)

Eoghan Murphy: I thank the Minister of State for bringing the Bill before the House. When we discuss commercial rates and local property tax, it is important that we also discuss where the money is going and how it being spent. People with businesses pay a lot of money on rates in Dublin city, and they often wonder where it goes. One initiative I have tried to pursue for the past number of years is tax...

Climate Action and Low Carbon Development Bill 2015: Second Stage (11 Feb 2015)

Eoghan Murphy: That is correct. How much time do we have?

Climate Action and Low Carbon Development Bill 2015: Second Stage (11 Feb 2015)

Eoghan Murphy: I welcome the opportunity to have this debate. There are many issues on which we could speak in the context of the Bill. I still feel we have not had a proper debate on energy security in this country. Neither have we had a proper debate on fracking or nuclear energy. It is an appropriate time for us to embark on such debates and to look to the future in terms of where we are going with...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: I thank the Chairman and Professor FitzGerald. I want to look in the first instance at the relationship between the ESRI and the Department of Finance. I think Professor FitzGerald said earlier that in the interactions between the ESRI and the Department of Finance, he clipped them and they would grin and bear it but then in the last decade they became more grumpy. When he released the...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: Was Professor FitzGerald then aware of any official reaction from Government?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: Nothing comes back as feedback directly.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: Was this the medium term review where there was an accusation of economic treason against-----

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: From what public body did it come?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: That is fair enough.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: Bringing us up to 2006, then, the Department of Finance commissioned the investment priorities report. In that, you were worried about the over-ambitious national development plan and a series of consequences for the economy. You already mentioned the over-inflated building sector. This was all reported in the media. You said, I think, that the Department of Finance was both upset and...

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: How was this unhappiness with this in 2006 conveyed to the ESRI, this unhappiness at senior levels?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: Coming up then into 2008, you spoke about the relationship with the Department being frosty prior to the guarantee. Did 2006 damage that relationship? Was there a chilling effect then, potentially, on the work of the ESRI?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: How was that relationship frosty in 2008?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: So am I then right in thinking it was frosty on both sides? The ESRI had a particular view of the Department of Finance and the Department had a particular view of the ESRI.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: When it gets to 2008 and the medium-term review, is there a sense of either fatigue in the ESRI, given that previous medium-term reviews maybe had not been regarded as you hoped, or is there an attempt to rebuild a relationship there?

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: Just to clarify that, you spoke earlier about this editorial conversation that would have taken place before publication, in which you did discuss perhaps mentioning the banks, but decided not to.

Committee of Inquiry into the Banking Crisis: Context Phase (11 Feb 2015)

Eoghan Murphy: I would like to clarify three points Professor FitzGerald made this morning.

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