Results 9,461-9,480 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Sorry. And was it ... was it typical that the regulator and the Central Bank wouldn't ... even before the crisis when there would be other, kind of, meetings scheduled once a year or whenever that may be, was it normal that the regulator and the Central Bank team of Hurley and Grimes would meet you together?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: I'm just trying to get a picture of what was routine and what wouldn't have been routine. So let's go back to the routine meetings pre-crisis.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: How would they ... what way would they manifest themselves? Would it be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: And would you have met with Tony Grimes and Pat Neary?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: But certainly not the top brass that you say ... Mr. Hurley and everybody was there together in the one-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: And these meetings started in and around, to the best of your recollection, the second half of 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Oh, yes, we're only looking for your recollection. That's fine. And did you have a sense that they were acting together?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: And they were on the same page, to your mind?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: At any of these meetings that you were involved with, was it ever, kind of, thrown out there by Mr. Hurley or Mr. Grimes or others that "Look, you know, we're thinking out loud here. What do you think? Do we need a guarantee, do we not need a guarantee?", was there any sense of any of that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Okay. And just as a result of these ongoing meetings that were going on over that six-month period, can you identify any specific tangibles that either ... that the Central Bank and regulator, acting together, prescribed for you to take, suggested you should take or that they suggested they themselves to try and mitigate against the difficulties of tightening liquidity positions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Yes. So, really it was just a marking, a market kind of reporting set of meetings that was going on, as opposed to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Was there any sense that, that ... or any discussion around that, that the liquidity difficulties could become solvency difficulties or anything like that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: So, very much then, just if I was summarising and you can correct me if I'm wrong, that the ... they used you, in your own words, as an ... as an intelligence-gathering exercise and weren't prescribing or suggesting actions that should be taken in order to ease your liquidity difficulties?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Okay. No. It's just ... and that's fine. What I just want to see is, you know, did the ... did the Central Bank and the regulator have a proactive hand in saying, "Look, you need to try this, you need to do that, you need to do the other" or were they saying, "Thanks for that, thanks for coming in. We appreciate you giving us the information and steady as you go, you're doing a good job"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: It was more the?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: It was a little bit of both? But again ... so, just to ... just to ... sorry to be repetitive now, but, just to ask again, what kinds of actions were they recommending that you take?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Okay. So, and again, I'm just going to finish on this, this train now in a second but, so ... you would be telling them perhaps, or would you, "We're getting some of our funding from X but it's getting more expensive, or it's more difficult to get anything from Y." Was that the kind of thing that was going on?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: You spoke about the ... being encouraged towards the end to, to speak to other banks when it was clear that you weren't going, going to continue as stand-alone ... you, in your statement, said that you were a minority of one in ... in promoting, let's say, the ... the merger with AIB. When ... when was AIB first, you know, when did that merger option first develop?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (29 Jul 2015)
Marc MacSharry: So, yes, thanks for that clarification. So ... did, did AIB make an approach or ... or-----