Results 9,281-9,300 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: You said in your opening statement that one of the only points of criticism that you might have is that "the Irish government did not consult with its European partners." You also said that the blanket guarantee, in your view, while on one hand saying the Commission didn't have a view, but then you quickly pointed out that your view was that it probably added to the fiscal cost. Is that a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: It was infinitely longer than that, I can assure you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: But you didn't have a problem making a hindsight judgment of a real-time action yourselves.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Okay. No, I-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Of course.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: So, given the risks - given the fact that Europe at that time didn't have a ... a lifeboat and the suite of decisions open to, say, the Irish Government at the time, do you feel that there was a possibility of an ECB-led initiative to tackle liquidity issues in Europe - if, for example, the decision that night was not a blanket guarantee but to say, "Okay, we're going to liquidate Anglo Irish...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: No, no. Indeed, I would-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: I can understand that completely. The difficulty we have here is, on one hand, in welcoming your assessment that it added cost to the ... it added fiscal cost to the situation, we must also try and assess what other possible options there were, and so, while I can appreciate fully that it makes one uncomfortable to have to consider this, in considering our work here, we must try to see were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Yes, just a very final question. You said in your testimony, when - I think it was Deputy McGrath - that ... the lessons learned or what could have been done with the benefit of hindsight. You said we could have reduced the burden or effects on the least well-off. Isn't that correct? Can I, in just closing off, finally put it to you, Mr. Buti, to bring back to your colleagues in the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: And perhaps we could-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Perhaps you might consider further concessions in that regard.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Thanks very much and thanks, Minister, for being here. From his experience as chairman of IFSRA, Brian Patterson, suggested to the inquiry, and I am quoting: A modern Financial Regulator needs a board with regulatory experience and skills. It needs an enabling legal framework with strength to counter the naturally powerful influence of the banking sector. It needs to be well resourced,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: "It needs [the] freedom [and] action [of] clarity in its legislative mandate that it’s single-mindedly [focused] to prioritise the stability of the banking sector over [any] other competing public policy goals."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Maybe your committee in the '90s was over-successful because the evidence we've been getting was that the focus of the regulator and the Central Bank was only on the consumer side and nothing on the macro-prudential side. Just, then, the same question ... just ... to follow on to the next question rather, what we’ve had - without prejudice to the various witnesses we've had - from the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Evidence that we've received from John Hurley, former Governor of the Central Bank, from the night of the guarantee suggests that to allow Anglo Irish Bank to fail ... that it would have been his view that it would set the country back a number of decades. I think 30 years was mentioned, perhaps not by him but in representing what he said by somebody else in the room in giving evidence....
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: So if you had your time again, would you support the guarantee again?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Very graciously on the day the late Brian Lenihan died, in the media you said: I always said he was very effective in controlling the budget which was totally out of control when he became Minister. He was very thorough on ... [that] fiscal side. He was less successful in his banking policy. His decisions there were bad in my view but I would excuse him because many of his decisions were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: -----or bad banking information?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Oh, absolutely. And there is no issue with that at all. And it was very gracious. No, I'm specifically interested in the reference to bad information and incorrect information on banks. So, having taken over as Minister, had you reason to believe that the Minister before you, irrespective of the emotion of the day and a friend passing on, had you information which would say the Minister,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Sep 2015)
Marc MacSharry: Okay. Just to take-----