Results 3,901-3,920 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So where can we, these ... this is documented where? The-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Yes ... no, no, we know that. So the economics ... what you are saying is that the economics division within the Department was saying since 2001, you know, "Cool the economy, go counter-cyclical on policy ... on fiscal policy." Is that your position?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So you're ... so is it ... is what you're saying that those responsible for budgeting and economic analysis and policy within the Department were saying to cool the economy and introduce counter-cyclical policies from 2001 on and that Government of the days ignored that advice?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: All right. So just so we are clear now, you're saying that at the beginning of your process, which was earlier in the year, you would sign off and you would say "Look, we want you to go more counter-cyclical." Are you saying that the situation improved then, which allowed the Minister to take a pro-cyclical approach, or are you saying that your advice remained, so that these circumstances...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Yes, just on a separate issues, but briefly. You mentioned earlier about people above your pay grade, is how you put it, would tell you, ''Take that out, don't say this, we can't say the other'', I think, were in or around what you were saying. In your ... in your time in the Department, was dissent discouraged to the point that it could hamper one's career progression in the Department?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thank you very much and welcome, Mr. Cardiff, again. Just two very quick questions at the beginning which arise; we had John McCarthy in earlier from the Department of Finance and while it goes back perhaps to the evidence of the other day, he told me in questioning that his Department were vocal and consistent in their recommendation for counter-cyclical policies throughout the period. He...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: He did mention that at different times people would be told, he described it as the pay level above his ... not to say certain things, to take certain things out. Would you have been aware of that and was this political interference or was it pragmatism by the officials who had this authority?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: To what extent, if ever, did the wish to say what the Minister wants, affect the integrity of the facts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: I mean ... in an important speech, for example, like the budget or an important policy directional thing, I mean, what I'm trying to get at was there political interference to the extent that ... Let's talk - you said you were in tax - about the tax incentives. Would Ministers have said, "Mr. Cardiff, I am not doing that, we'll lose votes if we do that, we're not doing that." I mean, did it...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And specifically to do with tax incentives and the property tax incentives that we spoke of, did you feel undue ... did you feel that there was an undue influence with regard to that issue, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay, just one very last question, just to do with the era that, really, we were dealing with the last day, and that was just, on the guarantee, was there a lobby, from anywhere, specifically to include the UK subsidiaries of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Was it ... was there any political influence in that, in that decision? Was there political parties calling for that, were there politicians calling for that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: No, here in Ireland, particularly?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. At what point, post-nationalisation, did you become aware of the extent of debt concentration to a small number of debtors and were there any indications of this debt concentration prior to NAMA acquiring the portfolio?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: What's your assessment of the ultimate consequences to the State of the decision to contribute the National Pensions Reserve Fund?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Sorry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: What do you mean by neutral?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. Why did the Government proceed with the amount of €3.5 billion for AIB, given that it was clearly outlined that this amount was insufficient to meet their capital needs with, ultimately, them requiring €19.8 billion?