Results 10,161-10,180 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks, Mr. Cardiff. I know you're anxious to get going, so just very briefly. You spoke there to Senator Barrett in relation to the nationalisation of Anglo, in particular, and why didn't it happen on the night. You had said to us that you had a preference for that - it didn't pan out. In his report, Mr. Honohan said, "it is hard to argue that the delay of five months in eventually...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. Just finally then, on the interest rate reduction, was there an understanding in Minister Lenihan's time that the interest rate would be revisited?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: That it would be?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Would be revisited. Okay, thanks very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks very much. Welcome, and thank you for your opening comments. Can you comment on the frequency of contacts with the ECB in 2008, and identify the level at which such contacts took place, to your memory, and the broad discussion content?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: When was that roughly in 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So in late 2007, it was clearly on the ECB's agenda, at least, that a pan-European solution may have to be considered?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: This is September 2007.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: But specifically, when you were asked to prepare this document, to look at a European resolution, was it the Governor that was asking you to do that or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And was it the DSG that asked for that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. To your knowledge, throughout 2008 was there any joint plans agreed to mitigate the crisis? Were the ECB, through John Hurley, telling the Department, "Look, do this, do that"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And did your paper advocate that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. In terms of the guarantee, in your e-mail to Brendan McDonagh of the NTMA, you refer to, "In the event the State provides a guarantee for all deposits and credits, of the domestic banking system...", and it goes on later, "...Minister confirms intention to provide guarantee, if required." It would appear that a pre-determined position may have been agreed by 26 September. Can you...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: At that stage, there was nationalisation legislation already in existence, was there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: What preparations were made, if any, to facilitate the wind-down of a financial institution or allowing a bank to fail?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: As you'll be aware, Patrick Honohan, the Governor, is of the view - and it's in the public domain - that the two banks "ought to have been intervened" , to quote his words, for a period of days and that that would have given an opportunity for a Europe-wide regime to be put in place, which may have been more beneficial to Ireland. What's your view on that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Can you advise what discussions took place with Merrill Lynch and the NTMA or, indeed, other advisers on the issue of subordinated debt and the rationale for including subordinated debt in the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Have you a view on it? Whether it would have been worthwhile that it would have been a good thing to do?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Can you describe for us the meetings that you would have been aware of or that you attended leading up to night of the guarantee, specific to the preparation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: And the night of the guarantee itself?