Results 4,341-4,360 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: I understand. In the issues that you were asked to consider, and you talked specifically about the nationalisation legislation and then a specialised lending scheme, I think you referred to it as, did Arthur Cox have the necessary expertise to advise on these or did you yourselves interline or source any external other legal firm from other sovereigns, perhaps, who have dealt with that issue...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Were ye ever retained to - and again I don't know if this is appropriate, you can tell me if it's not - to advise other sovereigns on nationalisation of banks or similar schemes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Okay. Very finally, did you take any contemporaneous notes of the meetings held on the night of the bank guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: No, absolutely-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: That's very good. Thank you, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Apologies.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Nothing further Chair.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Thanks very much. Thanks, Mr. Murphy, and welcome. In 2003, Project Nova was instigated, which would have fundamentally changed the business model of EBS, linking it to the larger Rabobank Group and a possible three-way platform of EBS, ACC Bank and Friends First. Was this an indication that the original mutual model of EBS was no longer valid?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: And was that driven by survival or pursuit of market share?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: And just ... I'm conscious about people watching at home and a mutual being owned by all of the people who have money in their accounts there-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: -----isn't that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: That's the model. So, presumably, to maintain a market share in a market where everyone else getting their money from the wholesale market and borrowing short to lend long at low rates and lending out at higher rates, is it the case that a mutual just might not be at the races because there isn't enough members of the mutual to keep ... keep the wheel turning?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: And is it-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: So let's say Nationwide in England - because you have mentioned them as an example - is it fair to say that while they maintain, you know, a successful business or whatever it is, that their market share, you know, when compared to others that aren't mutual, has dropped?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Naturally this ... some of these issues, as you've said, predate your appointment to EBS. But, given your experience in banking ... a lifetime or a career in banking at different levels, if EBS, for whatever reason, had decided to maintain their mutual structure and to lend out money in line with those ... the resources of the members determined, would they be still tipping along there or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Just again - with your experience in banking these are, kind of, general questions - would the decision of say what was Irish Permanent Building Society to mutualise have influenced, to your mind, the direction that EBS and, indeed, others were seeking to go and the Irish financial services market?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Do managers in the EBS branch network have sales targets?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: I understand. And I noticed all mutuals at different times had these tied agent brokers, okay. Is it fair to say that, really, everybody was moving away from that model - really back to the '90s - of the broker tied agent of-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: But going back to the '90s, were they not beginning to kind of close off ... yes, brokers could be out there and come to you with proposals but, you know, the Joe Bloggs auctioneer-undertaker-filling station who was also Irish Nationwide or EBS or whatever ... that really from the 90s that was ... they were all moving away from that or, certainly, EBS too or-----