Results 3,981-4,000 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So with a bit of hindsight, was there a focus, and the focus of the regulator on the credit union system misplaced when one considers what's panned out since?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Thanks, Chair. Morning, Governor, and thanks very much for coming in again. After your appointment in 2009, what did you do to ensure that you had sufficient resources for the supervision that you wanted to implement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Was there any difficulty in getting the levels of expertise that you required?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: And were you bound by the salary caps and so on of the ... of the public service over here?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: But at the time it wasn't difficult, you're saying, to get people, the salary wasn't really an issue, people were-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Before your time ... we heard from people on the regulatory side and the Central Bank itself saying that additional staff were required and it was very difficult to get the people with expertise due to salaries and others. Was this a credible view in-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Post-2004, after administrative sanctions were brought in to the Central Bank, when you came in then in 2009, were you ... what was your view as to the reason for no prudential regulation breach enforcement in that period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: But at that time was there any justifiable reason ... I know it predates your time but, I mean, given your knowledge now and looking back and helping us to assess an opinion of the period, do you think that the lack of enforcement of prudential regulatory breaches at the time was right, was reasonable - the focus on the consumer side, rather than the prudential regulation side?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: We heard from the then chief economist, Tom O'Connell, I think, some weeks back, and he spoke of how he, on a personal level, was consistently recommending different courses of action but that again, in his words, at the time he had great difficulty, despite his proximity on the seventh floor, in getting his views through to the board and indeed despite the fact that he had the opportunity to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: And what should he have done?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: This was on directors' compliance statements and concentration limits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Okay, I just have two other questions. Tom O'Connell also said that ... and referred to the political and property interests on the board. When you took over in 2009, did you feel that there were political and property interests on the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Concerned you in that regard?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Finally then, what was your experience of the interaction with the international authorities during 2009 and 2010 and how was Ireland perceived internationally? And, again, while it refers back to a previous period, when you took over and in your international ... with the ECB, for example, were you able to appraise yourself of the validity or invalidity of the opinion which has been put...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: If we had, and again I know I'm going back to other territory, but if we had said actually to use your words, we're going to intervene Anglo and INBS and we're going to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: -----and were going to bail them in, could the ECB have pulled the ELA support?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Big gamble?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Yes? It would be a gamble though would-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (25 Jun 2015)
Marc MacSharry: Okay.