Results 3,961-3,980 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And did your paper advocate that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. In terms of the guarantee, in your e-mail to Brendan McDonagh of the NTMA, you refer to, "In the event the State provides a guarantee for all deposits and credits, of the domestic banking system...", and it goes on later, "...Minister confirms intention to provide guarantee, if required." It would appear that a pre-determined position may have been agreed by 26 September. Can you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: At that stage, there was nationalisation legislation already in existence, was there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: What preparations were made, if any, to facilitate the wind-down of a financial institution or allowing a bank to fail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: As you'll be aware, Patrick Honohan, the Governor, is of the view - and it's in the public domain - that the two banks "ought to have been intervened" , to quote his words, for a period of days and that that would have given an opportunity for a Europe-wide regime to be put in place, which may have been more beneficial to Ireland. What's your view on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Can you advise what discussions took place with Merrill Lynch and the NTMA or, indeed, other advisers on the issue of subordinated debt and the rationale for including subordinated debt in the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Have you a view on it? Whether it would have been worthwhile that it would have been a good thing to do?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Can you describe for us the meetings that you would have been aware of or that you attended leading up to night of the guarantee, specific to the preparation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And the night of the guarantee itself?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Did you take notes of any of the meetings that you attended?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Well, on the night of the guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: In meetings that you did attend of this nature around this time - and obviously we get the privacy and the secrecy that was required - were instructions ever issued with regard to the recording of a meeting not to take notes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. Can I ask, in your opening statement you mentioned Basel II framework was expected to foster stability in the EU, financial system by strengthening incentives for banks to conduct sound risk modelling and managing and by involving supervisors more directly in the review of banks' risk profiling, the risk management practice and risk bearing capacity. With the benefit of hindsight and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Was it the intention of Basel II that banks would supervise themselves?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Just two last questions. In your time at the Department did you ever experience any major contrarian views to fiscal or banking decisions being taken?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Earlier on we had John McCarthy who quoted from John FitzGerald's evidence here some time back, where he made reference to the politicisation of the advice of the economics unit. In your time, have you ever experienced, or during this critical period, was there an undue political influence which determined the direction of policy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Yes, thanks very much. Minutes of the meeting of the domestic standing group's suggested that liquidity was frequently reported upon from 2007 right up to the pre-crisis period. However, the drafting of legislation to enable the Minister to nationalise a financial institution suggests that the issue of solvency was also discussed. Can you outline the discussions that took place at the DSG...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: But to your knowledge there was no discussion of solvency issues at the DSG?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Just finally then, and going back to Deputy Higgins's point earlier on, six banks cost €64 billion. To the best of reported situations to do with credit unions, there were alleged problems with three: Newbridge, Castletownbere and Howth. How much did they cost the taxpayer?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Would it be €11 million?