Results 9,741-9,760 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Okay, that's all I wanted to know about that. Very finally, three minutes ahead of schedule: for the taxpayer, do you believe that in NAMA, the public have got value for money?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (22 Jul 2015)
Marc MacSharry: No further questions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Thanks very much, and welcome, Mr. Gallagher. Thank you. What was your legal advice to the Government in the event of the guarantee not being successful in stemming the outflow of funds in the event of the European Commission not agreeing that the provision of the guarantee was compatible with the EC treaty?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: And, would the ... was there a plan B, or, was that, kind of, too much to countenance at that point, or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: In your statement you said, "Later in the night Governor Hurley indicated that a failure to act, or a decision to allow any bank to collapse would set Ireland back 25 years and that it could take that period to recover from the setback." Just, on this 25 years and we had heard it suggested on the ... did he elaborate on the setback of 25 years? What in particular ... can you tell us more...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: And, you know, did you have a sense ... was this, in any way, an exaggeration on the basis that, I mean, surely, you know, we have technology now that isn't in the 1980s? I mean, was it just a figure of speech, this 25 years, or, in real tangible terms, you know, were we going back 25 years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Very good. Can I ask, you said also that, on one occasion, I'm quoting from your statement, "Having been requested to ascertain the identify of the subsidiaries which were to be considered for inclusion in the proposed guarantee. I was not present [for] the discussion." Can I just ask, on, on the ... what was your opinion of the including of subsidiaries? Or can you tell us more about...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: And so there was no ... or, is it fair to say that there was no contrarians that consensus was arrived at reasonably easily that night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Just from a legal perspective, can you advise - we, obviously, have the letter of 19 November from Jean-Claude Trichet, threatening to turn off ELA. Do you believe it was legally possible for the ECB to do that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Governor Honohan, who I questioned, and we all questioned, about these issues, posed the question to me, when I asked him would they have turned off ELA, and he said, "But would they?", so as to suggest, perhaps, that his view was, arguably, that they may not.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Was it reasonable to take that view or would it have been equally reasonable to say, "Let's call the bluff"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: It is your view that I am interested in.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Thank you very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Thanks very much, and welcome, gentlemen. Thanks for being here today. Can I ask, first of all, as former chairman, this is Mr. Ó Ríordáin, of the legislative advisory forum, can you comment on the extent to which Irish financial regulation policy was geared towards the development of the IFSC and do you believe this in any way compromised the regulation that would otherwise...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: And in undertaking the consolidation of existing legislation and while policy was not your role in terms of determining it, was it your observation at the time that policy was in any way being put together or geared towards the development of the IFSC and do you believe this may or may not have compromised the regulation that would otherwise have been in place in respect of the banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Okay, so principles-based versus rules-based as we now see and bearing in mind that you are only there as a consolidator and you are witnessing the policy as determined by others, but were you left with a clear view or not that really the piper was calling a tune to facilitate the IFSC regulation rather than the domestic banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Can I ask Mr. McCague, can you outline who had concerns regarding the solvency position of Anglo and Irish Nationwide Building Society as outlined in your witness statement?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Sorry, to interrupt you. They being who just for the record?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (16 Jul 2015)
Marc MacSharry: Very good. Again yourself, if it's okay, what was the practice of the Department of Finance during September 2008, and subsequently, regarding the seeking of legal advice? Did they seek legal opinion on all policy opinions being considered or on a specific policy option selected by them?