Results 3,681-3,700 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: I'm limited on time here ... I know the point you're making. What I'm asking is, post-2005, when we knew we did have administrative sanctions, to 2009, no enforcement action was taken for prudential regulatory breach and that was permitted under principles-based. Did that ever occur to you as, "This is wrong, this should not have happened, we ought to be doing something"? Did that occur to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: The model did allow for enforcement action but we just didn't take-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: No, I appreciate that but if it's going to be repetitive and no disrespect, but I've a very limited amount of time. I get the point that the model was there, you followed the model but the model did allow for actions which were introduced in 2005 and as a matter of------
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: -----as a matter of form, they were never taken and I'm asking why?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So the actions of the regulator, in terms of its board, because of the model, was or was it not one where we considered the outcome for the bank more than the State? Is that what you're saying?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: You did say you'd give me a bit of extra time.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Thanks very much and thanks, Mr. Roux, for being here. What influence does the ECB have on Irish banking regulation and supervision today?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So, in answer, the ECB have a lot to do with it then.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Okay. How has this changed since you have arrived?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So, a year later, okay. And how does it manifest itself in terms of the operations, from your perspective?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: The interaction with the ECB particularly.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So, you feel then, or do you, that you have independence within a broad set of parameters?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So, there is the rules of the law, but within the rules of the law you can do what you want in terms of their implementation here, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: In terms of the prudential and consumer side, is it equal in terms of the proportion of input that comes from the ECB now or is it specifically on the macro-prudential side or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: It's outside of their remit, so they've no role there.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Can I ask, if it's in order, and the Chairman can tell me if it's not, the ... in your previous ... in your previous role with the French authority, can you just tell us briefly what you did with ... with that authority? What ... was your role the same, or was it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Okay, and in the use of the ... did ... did that authority also have the principles-based approach?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Would you define it as rules based or ... or principles based?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Yes. No, it's just, where I'm coming from with this is you pointed out to ... to Deputy McGrath earlier on that you feel ... when it's talked about the rules based and it's talked about the principles based, it's possible, you said, to have a principles based which is sufficiently intrusive with enforcement, and you could equally have a rules one that isn't so good.