Results 3,221-3,240 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Did ... with reporting, and you described it yourself that you reported to the CEO and, in parallel, you reported to the director of the treasury side of the business in RBS, in parallel, so ... and Mr. McCarthy yesterday gave us quite a complicated outline of how reporting was carried out as well and it certainly involved RBS from what his evidence had said. Were RBS making all of the balls?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Were you in a position, as the person responsible for funding Ulster Bank in your role, could you fund it independently of RBS or did it have to go through RBS? Did you access the wholesale markets for funding without consulting or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Did the impact of the introduction of the euro have, and while I know this goes back perhaps before your time in Ulster Bank, but in terms of your experience, did it have a positive or negative impact on the funding of financial institutions that you were in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Yes ... in line, and I don't mind ... it's not that I'm excluding you, Mr. Gallagher, you are free to come in at any stage and this is my final question, so with the onset of the euro and the access to facilities that you speak of, did, as a result of the very competitive environment which existed with all banks and you were trying to be the third banking force and so on, did this have ... an...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Did it loosen the acceptable standards, as opposed to drive down the quality? Did it loosen the considerations of underwriting?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Thanks very much and thanks, gentlemen, for being here and welcome. I'm going to try and cover a good bit of ground if I can so if we can keep ... just because I have limited time ... answers as short as possible. The first one is to '03. Did you feel that the strategy and risks appetite of your institution was appropriate in the context of your own and your team's analysis. So if I go...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: So you were happy with it. Okay, and Mr. Beggs?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: No, no, we get that. Do you feel now it was excessive, or you felt then?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: So with hindsight, you are saying yes. And yourself, Mr. McArdle?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: So you felt that the appetite was appropriate, or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Okay. In terms of the euro ... with the introduction of the euro and between competitiveness, which you have all spoken about and the highly competitive environment, and I suppose the additional facility and access to liquidity, or easier liquidity that the entry in the euro gave, did that drive down what you've referred to Mr. McLaughlin as credit quality or underwriting quality?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: He's sitting beside you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: No bother, it's not mine. Twenty lashes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: Okay. I suppose what I'm trying to get to, did it loosen? As economists, did it loosen the credit? I mean in the early 1990s, I mean, you needed a letter almost from both parents over 90, and one from the Pope, and a five-years' savings track record, and a guarantee from mam and dad and everything else. I mean, as more money became available, as competitiveness seemed to be driving each...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: So, "No," is your answer, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: I know, I get ... I get that, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: -----the ... the-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: So the kind of income ratios that were being considered by banks, say, in 2006, as opposed to 199 ... what would have caused that difference, where we would have been used to a two-and-a-half times plus once the second income-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: -----and then to, maybe, five times or however ridiculous it became, you know?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (7 May 2015)
Marc MacSharry: I just have two more very quick things. And this next question is just a "Yes," or "No." I know you won't want to answer it like that but it just a "Yes," or "No," on the basis that ... and there's one after this because we've just run out. The ... the ESRI, the IMF, the ECB, the Commission, the OECD ... when reports came from them that everything was going well, did you normally take them...