Results 2,641-2,660 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: If there had been acceptance of the credit risks that banks were running during the 2002-07 period, was there any scope to report on them in annual reports or periodic statements?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: In Professor Walsh's opening statement - the published statement, as opposed to the briefer one - he referred to the work of the US Federal Deposit Insurance Corporation in documenting the life cycle of a bank failure in 1997. Rather than quote every word, it spoke about rapid loan growth, concentrations emerging, aggressive lending and so on, as it stated and the record would show. In...
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: In Professor Walsh's professional opinion, does he feel it is likely, unlikely or impossible to judge?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: Professor Walsh could nearly consider another profession with an answer like that one.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: I mean no disrespect. In Professor Walsh's statement he described the growth and the change in the composition of loan portfolios at the aggregate level in the Irish banking system as being the seismic shift that occurred between 2002 and 2007. He also stated: "The risks associated with increased commercial lending are well known and have been well known for many years." Given that such...
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: If I were a bank or if there was a bank that decided to make a very large investment in an institution or a pension fund, would this be reflected in any way such that an auditor would see it? If that were the case, would there be any reporting obligation on auditors to regulators if, for example, an investment was seen to be particularly large, on the one hand, or, on the other, for a...
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: 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...
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: I am nearly there. In terms of lessons, if any, what can be learned about how banks disclose information on their lending practices, investments and financial performance to help to mitigate future banking crises? To what extent are new rules and practices being considered and applied? Are they sufficient?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Marc MacSharry: Considering everything that has gone on, does Professor Walsh feel there are any reforms required to ensure the independence of the appointment of auditors? The perception, and I am sure that is all it is, is that he who pays the piper calls the tune.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: I thank Mr. McWilliams for his attendance. I have three and a half questions and so will move quickly. I will start in this century and will take all the books as read. Bearing that in mind, Mr. McWilliams mentioned the forest fire and so on. Going back to the era, for politicians specifically as opposed to economists, what to Mr. McWilliams indicated most strongly that not all was right...
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: Let us say that I am Brian Lenihan. What would have stated clearly to me that the Central Bank and the regulator may not be what they needed to be in respect of what I was getting from them?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: No.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: No.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: We would call him a ringer.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: Okay I get it.
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: Mr. McWilliams believes the absence of the regulator and the Central Bank stating that this is a bank that took 100 years to get to €60 billion, as he stated earlier-----
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: Yes. The fact that the regulator and the Central Bank might not have been saying that was a big issue and should have been ringing alarms-----
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: I am not trying to lead but-----
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: So they all went native. Is that it?
- Committee of Inquiry into the Banking Crisis: Context Phase (26 Feb 2015)
Marc MacSharry: How wrong would the statement "they all went native" be? Is it right, is it wrong or is it a fair assessment?