Results 11,081-11,100 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Well, a lending manager.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Were independent valuations always sought?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: But up to then, up to 2006-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: And after 2006, if it was anything under €4 million it wouldn't be. As a matter of routine.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: It wasn't prescribed so it was possible then for a person to go in and say "You know me, I'm a good builder I want to borrow €4 million, that's the property, there's the brochure" and theoretically, your credit committee could say "No problem here's the money".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: They wouldn't be valuers, would they?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Okay, so they were guessing or were they? I mean, what did they do? I mean, how did they evaluate without a valuation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Valuer?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Do you think that was wise?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: So external valuation was poor practice?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Or not, or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Okay. I'm nearly there. Just moving to the guarantee for a second. In your view was the guarantee the best solution, in your opinion, and did you believe in advance ... did you anticipate that it was going to be a blanket guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: But what did you ... just ... I have only a minute left ... what's your opinion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: On the morning of the guarantee ... of it being announced ... it was a surprise. And looking back, what's your current view of the appropriateness of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: No, no, but you're a professional with a lot of experience so it's just your view of the appropriateness - given that experience - that may be of value to the committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Thanks very much. Can I just go back to what you were discussing there with Deputy Doherty? You said that the buck ... in terms of where the buck stopped, that there was collective responsibility or there was a kind of ... the buck stopped collectively as opposed to with yourself. Would that be a fair assessment of what you were saying?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Okay. So, as a result of the collective responsibility model that you described to Deputy Doherty, I mean, was there a level of trust that each of the people that reported to you within the division were all doing their job correctly, so you didn't have to check? It was a collective thing, so that ... the credit committee did their job well in terms of securities, so you didn't have to...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: -----therefore, it was taken as read.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: And given what happened, and what the Chairman was just outlining to you there, and given the nature of the equity being paper, for want of a better expression, do you feel that that was insufficiently robust or do you feel it was robust enough?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (23 Apr 2015)
Marc MacSharry: Was there ever an instance that you're aware of in the bank that a lending executive received property by way of a gift from a developer?