Results 3,781-3,800 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: So do you feel then that the directors of the overall authority ... you were the chairman of the ... the regulator but you were also a board member of the overall authority. Do you feel that information was kept from you for fear that you might determine something that might spook the horses?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: But with the benefit of hindsight now, are you saying that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: With the ... and this has been touched on quite a bit already in terms of the lack of regulation experience of your own authority. Given that lack of knowledge of regulation, was it possible that the authority were, for want of a better expression, "easily led" on complex regulatory considerations? And how did you mitigate against this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Were your colleagues political appointments?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Did you have a sense that they were appointed on merit or do you feel it was in any way because of a particular affiliation, politically or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Yes, Mr. O'Connell as well said yesterday that in his view that some of his dissent did not make it through because of again, in his view, it said in his statement, ''the property and political interests at the board''. Would you agree with this? And, very finally after that, you might answer if you were ever lobbied on an issue to do with regulation from outside interests.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: What would define a link is all that I, yes that's all-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Mr. Considine, thanks very much for coming in. I'm going to start with this question. You may have covered aspects of it already. Can you remember if, and at what time during your tenure, the Central Bank identified excessive property-related lending and the heavy interbank borrowing of Irish banks as a substantial threat to their financial stability?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Yes, so you felt that everything is okay, it is increasing year on year to a huge amount. People have mentioned percentages earlier on. But it was felt, according to yourself, that this was sustainable, this was a storm that could be weathered if it turned into a storm.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Okay. Against the backdrop of a small open economy like Ireland, export-led in many terms in the context of its past in the 1980s and so on. As a percentage, exports have been falling from the late 90s. Is that the case?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: And did that ring any bells?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: So what tangible measures did you, as Secretary General, recommend specifically to counteract the loss of competitiveness in the early 2000s particularly?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: But exports kept falling, so it was not enough. Would that be fair to say, or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: In terms of taxation, is that what you mean?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Could you expand on that? Do you mean that the private sector needed to keep pay low or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Was it the Department policy at the time, or view, that the private sector was irresponsible because it was paying too high wages?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Okay, so. My time is limited. So am I right in saying what you're saying is that, you know, circumstantially we were losing competitiveness despite our best efforts, or despite any efforts that could be made. Is that what you mean?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Okay. Earlier on, Deputy Higgins brought you to the core documents and we saw the submission from the IAVI, which was one and you said there were many, and horse-trading goes on and people make representations on behalf of their sector, and they are either taken into account or not, or in part or whatever, in your deliberations. Is that what happens?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (17 Jun 2015)
Marc MacSharry: Okay, well, I withdraw than then but the submissions come in and you consider their contents. Is that what happens?