Results 3,141-3,160 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: ECB. It is not that the Irish authorities-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: We know what we did, and could have done, and did not do. What I am asking is, your then chairman had a very specific view, which he articulated last week, that the ECB had authority to direct the Central Bank to act in particular ways to, as he put it, mitigate against the unsustainable nature of low interest rates. I think I am quoting precisely so I am interested in your view on that.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Thanks very much, and thanks, Mr. Duffy, for coming along. Earlier we had some predecessors in the bank and we were talking to them, or I was asking them about targets, and you had mentioned here earlier that the bank ... that the company ... you must run the company through the customer lens, and that changes everything, you said. And you also said - if I can find it here - that growth...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Okay. So let's say a mortgage; what way does that work?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: There'd be mortgage officers in each branch?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: And would they have targets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Does anybody in AIB have a target for sales?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: So how would you, as a member of the board, pursue profitability on behalf of shareholders?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Would it be fair to say that the more applications that are made, the more mortgage products will be purchased, or loans taken out, and, therefore, the potential to gain more profit would be more? Is that a fair statement or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: That's the case, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: No, no, because I ... it doesn't matter what I think, because I can't lead you. It's what you think. So what I'm trying to get to the bottom of is, if nobody in AIB ... because this is consistent actually with what your predecessors are telling us earlier. They said nobody had a target, that you run the bank, in your view, based on liquidity. And nobody had sales...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: I get that, thanks very much. It's just that my time is short and I know it has taken me a while to get... to ask my questions. Again, we know we are talking about your tenure, but again given your international experience and while you have pointed out to other members that you focused on the future and getting things right and I'm sure you that you've done that very well, but in your...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: And again, to the extent that it is possible to give a "yes" or "no". Did the culture of the era, before your tenure, lead to unnecessary amount of lending?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Okay, that's fine. Former chairman of the bank, Mr. Gleeson mentioned in his testimony that interest rates during the crisis period were too low and suggested that using the Taylor rule, that they should have been between 6% and 12% or thereabouts and he further said that under the ECB's statute, article 14.3, that the ECB could and should have directed the Central Bank here to introduce...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: So, let's say, with 2% tracker mortgages available, and 8% growth rates in the real economy, what could the ECB have directed our Central Bank to do in your experience, internationally?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: Exactly but I suppose we're trying to get a picture or an explanation of what may have been possible. We don't know but you're an expert in the field.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: So ... just, so that I'm clear, we did rely on volume to compensate for the lower margins and that lead to the crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Apr 2015)
Marc MacSharry: That's all. Thanks ... thanks very much.
- Committee of Inquiry into the Banking Crisis: Institute of International and European Affairs
Governance of the ECB: Past, Present and Future (30 Apr 2015) Marc MacSharry: Thank you very much, Mr. Trichet. You are welcome. You said in your opening statement ... you spoke particularly to do with the burning of bondholders, the treatment of senior debt, that this option was extremely risky for Ireland, in your own words. You also spoke of the terribly agitated sea in which Ireland was but one boat. Against this background, presumably with the euro tying all...