Results 3,401-3,420 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Yes, last question then. As ... as somebody who was Secretary General of three Departments, you would've been used to providing advice for various Governments over the year and then the Minister then would have to take a decision. Isn't that what happens?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Okay. So, is the practice ... or the practice at that time of the Governor of the Central Bank always being a former director general, is it in any way flawed do you think, or not, on the basis that the ... the Secretary General is very much an advisory role, whereas heading a Central Bank needs ... to act, to be decisive, to take decisions ... under the '71 Act, albeit your interpretation...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Thanks very much and welcome again Mr. Hurley. Can I just go back to where Deputy Phelan had mentioned earlier on, on page 165 and the bullet points for Cabinet and the contemporaneous note there at the end ... just in relation to that, was there a specific question or query that Mr. Doyle or Minister Lenihan had asked you to ask or seek out with ECB representatives, which they may have been...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: So is it reasonable, and correct me if I'm wrong here, that ... to say that the Minister or the Secretary of the Department, Mr. Doyle, had tasked you or asked you to, through the ECB, see if there was the potential to allow banks fail or was it specific to something like that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Okay. So it's possible is it, or not, that ... this note relates to the lack of a response that there was a European initiative to deal with the impending crisis?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: But not by that time. What was the response?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Yourself, in your own testimony, you said that the Government "was expected to stand behind its banks and a Lehman's-type situation was to be avoided", according to page 14 of your written statement and I mention it again there. Indeed, many other witnesses have said that there was a prevailing thought that no bank should be permitted to fail - as you put it, another Lehman's ought to be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Oh no, I do, but I'm just trying to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Apart from the accepted doctrine that seems to have been this ... that was going to be best practice to, to stand behind one's banks, can you isolate for us any body such as the ECB or IMF or ... G7 or any body directing, for want of a better expression, that no bank should fail, that this ought to be the doctrine which, granted, everybody now accepts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Mentioning.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Look, I'm sorry to be repetitive but I'm just trying to, to find out. This seems to be the accepted doctrine. This was the only business in town, this was the only thing to do. Now did everybody wake up one morning and was this a reality? Or did somebody, and what group of people or what organisation, sat down and said, "You know what, point number one is: we can't have another Lehman's"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Agreed, but by who?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Okay, so just on that - I mean, discussions all over Europe means my sitting room and yours. Was it specifically within the Governing Council of the ECB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Sorry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: As who?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: What was the general view? Are we talking the people in the street? Are we talking the IMF, the G7, governments, who?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Okay. Just in terms of a guarantee again, Mr. Goggin, his testimony was mentioned earlier on. He, he mentioned in his testimony, and I'm just going to quote a piece where he was speaking about ... the night of the guarantee and the meetings and I'm just going to quote a passage and I'll question you on it afterwards.In fact, as I recall it, the prospect of a guarantee, which was raised...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Have you any specific recollection of anybody lobbying for a system-wide guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: Okay. Were alternative options to the eventual bank guarantee discussed at meetings during this period and who presented these alternatives?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Marc MacSharry: I will go back to Governor Honohan for a moment, who was mentioned by Deputy Phelan. On page 5 of Vol. 1, he wrote about the Government's best available response given their limited information. He spoke of the:...two failed banks should, in my opinion [I'm quoting], have been intervened by the public authorities, replacing top management, likely through nationalization (this corresponds to...