Results 10,181-10,200 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Did you take notes of any of the meetings that you attended?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Well, on the night of the guarantee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: In meetings that you did attend of this nature around this time - and obviously we get the privacy and the secrecy that was required - were instructions ever issued with regard to the recording of a meeting not to take notes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Okay. Can I ask, in your opening statement you mentioned Basel II framework was expected to foster stability in the EU, financial system by strengthening incentives for banks to conduct sound risk modelling and managing and by involving supervisors more directly in the review of banks' risk profiling, the risk management practice and risk bearing capacity. With the benefit of hindsight and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Was it the intention of Basel II that banks would supervise themselves?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Just two last questions. In your time at the Department did you ever experience any major contrarian views to fiscal or banking decisions being taken?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Earlier on we had John McCarthy who quoted from John FitzGerald's evidence here some time back, where he made reference to the politicisation of the advice of the economics unit. In your time, have you ever experienced, or during this critical period, was there an undue political influence which determined the direction of policy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Yes, thanks very much. Minutes of the meeting of the domestic standing group's suggested that liquidity was frequently reported upon from 2007 right up to the pre-crisis period. However, the drafting of legislation to enable the Minister to nationalise a financial institution suggests that the issue of solvency was also discussed. Can you outline the discussions that took place at the DSG...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: But to your knowledge there was no discussion of solvency issues at the DSG?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Just finally then, and going back to Deputy Higgins's point earlier on, six banks cost €64 billion. To the best of reported situations to do with credit unions, there were alleged problems with three: Newbridge, Castletownbere and Howth. How much did they cost the taxpayer?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Would it be €11 million?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: So with a bit of hindsight, was there a focus, and the focus of the regulator on the credit union system misplaced when one considers what's panned out since?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (24 Jun 2015)
Marc MacSharry: Thanks very much.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: Thanks very much and thanks, Mr. Cardiff, for your extensive briefing in advance, which was very much appreciated. In terms of insolvency, you mentioned that the regulator on the night of the guarantee was very much of the opinion that all the banks were solvent, if not without difficulties. Can you describe how, if at all, you and, indeed, your colleagues in the Department of Finance tested...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: No, you did. You mentioned that, actually you said-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: -----that there-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: That was after the event, I mean wasn't that right?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: Yes, but you said yourself that in advance of the guarantee really, that wasn't kind of detailed. We established that when-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (18 Jun 2015)
Marc MacSharry: -----Deputy McGrath was asking-----