Results 3,661-3,680 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: You think ... you think you could have-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: Yes, but in terms of your advice and outflows-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: Yes, I have the last one.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: Yes, well. Perhaps somebody else will come back to this line so. But this is another question that I wanted to ask. We are having difficulty in our questioning over the period of time, getting to the bottom of the origin and source of the no bank should fail consensus that everybody seems to know, but nobody seems to remember who said it. Do you have any recollection or knowledge that you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: But sure-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: I'm conferring with the Chairman, continue. So it wasn't, it just popped in there, like everyone else, did it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (28 May 2015)
Marc MacSharry: But I'm listening. I'm not able to get the answer.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Thanks very much. Thanks, Ms O'Dea, for being here. Is there collective responsibility on the board of the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Is the board accountable for all of the actions of the authority? Or let's say, for example, in your area there was a problem, would that be ... in the eyes of the public or the eyes of the State or the Oireachtas, would that be your fault or would it be the fault of the board of the regulatory authority? Would there be collective responsibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So were your duties exclusive to those specific ones or did you not have the normal fiduciary duties as all the other directors would to the broader mission of the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So there was collective responsibility.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: No, I know you may have only-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: I have-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: You were an executive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: But all directors would have a fiduciary duty to the mission of the organisation, would that be correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So, to my understanding, and correct me if I'm wrong, that would mean collective responsibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Okay. So in the period that you were on the board, and particularly given your background in banking supervision, notwithstanding that you were there in the specific function that you mentioned, did it occur to you, did it bother you in any way that there was never an enforcement action for a regulatory breach? We know from previous evidence there was none, so I'm asking was it of any...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Sorry, what's wrong, what's wrong? I mean, we're ... we're talking about previous evidence here now.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: The Honohan report clearly states that there was no ... up to the period, I think, 2009, there was no regulatory ... there was no enforcement actions taken against a regulatory ... prudential regulatory breach. Did that bother you in any way? Did you have anything to say at the board about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: I put it to you that it wasn't predominantly, it was in every sense ... there was no enforcement action taken and ... you know ... given the fact that ... I mean ... what was banking supervision about ... you know ... up to 2009, if it weren't about finding out where there are breaches and taking enforcement action?