Results 3,941-3,960 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. The other issue I wanted to ask you about was on 18 November, Patrick Honohan did an interview with "Morning Ireland" and there are various views of the implications of why that interview took place and no doubt we'll be speaking to Mr. Honohan tomorrow about that. Can you give us your view as to why it happened and the implications of it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Would the independence of the Governor of the Central Bank, which, of course, we all respect and uphold ... in that instance do you feel Mr. Honohan was acting as Governor of the Central Bank of Ireland or council member of the European Central Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Do you feel the dual role sometimes is bad, not necessarily specific to Mr. Honohan, but where does one's national responsibility stop and the fiduciary duty to membership of the Governing Council take over?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Is it something that is clearly defined?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay, so it is a grey area.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So it could be a case perhaps or not of when one is in Frankfurt, one is an ECB Governing Council member and when one is in Dublin, they are not.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Very finally, do you feel that the interview that morning, 18 November, strengthened or weakened the Ireland position in the context of negotiations at that time in terms of options available?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Some?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks, Mr. Cardiff. I know you're anxious to get going, so just very briefly. You spoke there to Senator Barrett in relation to the nationalisation of Anglo, in particular, and why didn't it happen on the night. You had said to us that you had a preference for that - it didn't pan out. In his report, Mr. Honohan said, "it is hard to argue that the delay of five months in eventually...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. Just finally then, on the interest rate reduction, was there an understanding in Minister Lenihan's time that the interest rate would be revisited?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: That it would be?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Would be revisited. Okay, thanks very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks very much. Welcome, and thank you for your opening comments. Can you comment on the frequency of contacts with the ECB in 2008, and identify the level at which such contacts took place, to your memory, and the broad discussion content?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: When was that roughly in 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So in late 2007, it was clearly on the ECB's agenda, at least, that a pan-European solution may have to be considered?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: This is September 2007.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: But specifically, when you were asked to prepare this document, to look at a European resolution, was it the Governor that was asking you to do that or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And was it the DSG that asked for that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. To your knowledge, throughout 2008 was there any joint plans agreed to mitigate the crisis? Were the ECB, through John Hurley, telling the Department, "Look, do this, do that"?