Results 10,581-10,600 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: No, no, I'm interested specifically in BSD, I think ye call it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Or that's what it was referred to earlier on. So, Ms Burke was telling us how, and she had ... gave quite a vivid description of a chaotic scenario where people couldn't effectively do their job, that there were difficulties even in carrying out the requirements on the capital requirements directive of the banks and so on. So, in that context, she had made a ... what she said was a number...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: And I'm anxious to know who refuses them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: May 2008, I think, specifically we're talking to ... talking about. Thanks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: And was that consistent with your concerns generally in terms of the level of lending that was going on in banks at that stage? Of course we've had ... we'd have had the Northern Rock situation and so on that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Yes?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: So, is it your testimony that you did all you could to secure the staff but the budgeting committee said no?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Okay, all right, that's fine, well then we can bring that question on to tomorrow then. Can I ask, from 2003 to 2008, when you had obviously a very, very serious increase in commercial lending throughout the country, and you had very regular breaches in what you might describe as prudential regulation, that there was no enforcement actions taken against any institution in that period? Why...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: But ... and I'm not holding you responsible, or anything. I'm merely asking.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: You were the manager, or the head of the bank supervisory department for 2003 to 2006, and then you were the head ... the prudential director.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Isn't that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: So, in that context. So I'm not ... you're not answering ... you're not answering for everybody here, just give me your view. Why was there no enforcement in that period?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Could you just clarify one thing for me there, just for people watching at home? Is that ... when we say consumer things, is that things like overcharging on credit cards, and that type of thing, or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: As opposed to a bank transferring-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: -----€6 billion from one to another, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Yes. Okay, okay. That's great, thanks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: But on the other hand, were you not concerned to the extent that as soon as a new boss took over you were at his door to say "I'm concerned, you know, I want to implement this, that and the other", as we've outlined earlier in 2005. And then you actually did implement them yourself in 2006. I mean, was that not against a backdrop that far from being safe, this was a situation that had a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Okay. In the period after 2006, then, you've got your stuff in place. How is it that there was no enforcement in the period 2006 to 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: So, though we had the rules but just not the enforcement, was that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)
Marc MacSharry: Okay. I put it to your colleague earlier on, and I used a somewhat unfortunate football analogy, so I'll adjust it slightly for you today and say is it a case that the principles-based regulation that was being employed by yourselves at the time, when it came to prudential regulation was a bit like a football match and the FAI with no referees?