Results 10,341-10,360 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: With the ... and this has been touched on quite a bit already in terms of the lack of regulation experience of your own authority. Given that lack of knowledge of regulation, was it possible that the authority were, for want of a better expression, "easily led" on complex regulatory considerations? And how did you mitigate against this?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Were your colleagues political appointments?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Did you have a sense that they were appointed on merit or do you feel it was in any way because of a particular affiliation, politically or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Yes, Mr. O'Connell as well said yesterday that in his view that some of his dissent did not make it through because of again, in his view, it said in his statement, ''the property and political interests at the board''. Would you agree with this? And, very finally after that, you might answer if you were ever lobbied on an issue to do with regulation from outside interests.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: What would define a link is all that I, yes that's all-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (11 Jun 2015)
Marc MacSharry: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Thanks very much. Thanks, Ms O'Dea, for being here. Is there collective responsibility on the board of the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Is the board accountable for all of the actions of the authority? Or let's say, for example, in your area there was a problem, would that be ... in the eyes of the public or the eyes of the State or the Oireachtas, would that be your fault or would it be the fault of the board of the regulatory authority? Would there be collective responsibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So were your duties exclusive to those specific ones or did you not have the normal fiduciary duties as all the other directors would to the broader mission of the regulator?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So there was collective responsibility.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: No, I know you may have only-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: I have-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: You were an executive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: But all directors would have a fiduciary duty to the mission of the organisation, would that be correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: So, to my understanding, and correct me if I'm wrong, that would mean collective responsibility?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Okay. So in the period that you were on the board, and particularly given your background in banking supervision, notwithstanding that you were there in the specific function that you mentioned, did it occur to you, did it bother you in any way that there was never an enforcement action for a regulatory breach? We know from previous evidence there was none, so I'm asking was it of any...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: Sorry, what's wrong, what's wrong? I mean, we're ... we're talking about previous evidence here now.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: The Honohan report clearly states that there was no ... up to the period, I think, 2009, there was no regulatory ... there was no enforcement actions taken against a regulatory ... prudential regulatory breach. Did that bother you in any way? Did you have anything to say at the board about that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: I put it to you that it wasn't predominantly, it was in every sense ... there was no enforcement action taken and ... you know ... given the fact that ... I mean ... what was banking supervision about ... you know ... up to 2009, if it weren't about finding out where there are breaches and taking enforcement action?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (10 Jun 2015)
Marc MacSharry: I'm limited on time here ... I know the point you're making. What I'm asking is, post-2005, when we knew we did have administrative sanctions, to 2009, no enforcement action was taken for prudential regulatory breach and that was permitted under principles-based. Did that ever occur to you as, "This is wrong, this should not have happened, we ought to be doing something"? Did that occur to...