Oireachtas Joint and Select Committees

Wednesday, 25 February 2015

Committee of Inquiry into the Banking Crisis

Context Phase

Photo of Marc MacSharryMarc MacSharry (Fianna Fail) | Oireachtas source

I do not want to be specific. I will not give the example, but if I were a bank and wanted to invest €10 million in Deputy Murphy's bank for one week and he gave it back to me the following week, would there be anything in auditing that would ring an alarm bell or would there be any obligation within the system or standards that would suggest to Professor Walsh that one would need to report this to the regulator or say to the regulator that Senator MacSharry and Deputy Murphy were investing in each other's companies for unusually short periods of time?

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