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Seanad: Water Services: Motion (21 Jan 2015)

Marc MacSharry: Plus €170 million was spent on consultants.

Seanad: Water Services: Motion (21 Jan 2015)

Marc MacSharry: Boyle.

Seanad: Water Services: Motion (21 Jan 2015)

Marc MacSharry: It will plug the hole at a cost of €540 million.

Seanad: Water Services: Motion (21 Jan 2015)

Marc MacSharry: How many years?

Seanad: Water Services: Motion (21 Jan 2015)

Marc MacSharry: What we need is water infrastructure for the 21st century, but instead we threw €800 million of the people's money down the drain in setting up an unnecessary quango. Frankly, whoever is responsible for advocating spending €540 million of the people's money on putting meters in the ground that are going to be obsolete in 15 years, should not be employed by this State. It is a...

Seanad: Water Services: Motion (21 Jan 2015)

Marc MacSharry: I move: That Seanad Éireann: noting: - the roll-out of 530,000 water meters across the country to date with an additional 500,000 meters due to be installed by 2016; - two thirds of water bills will be for meters which will remain unused until 2019; and - the overall costs of €540 million borrowed from the National Pension Reserve Fund, NPRF, to finance the implementation of...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: I welcome Mr. Regling back to the committee. I thank him for taking the time, voluntarily, to come here today. As he is no doubt aware, there is a reluctance from some Europeans to take part in this inquiry. That leads to my first question. I will deal more specifically with his report after that. Why does he feel there is a reluctance from European authorities to participate with the...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: I am merely asking as somebody-----

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: Absolutely. I am only asking Mr. Regling that question------

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: I am only asking that question, as we might say in Ireland, while we have him. Given his experience of working on three occasions for the IMF and the German finance ministry, it helps me in my work to ask him if it is possible for us to do our work sufficiently without the ability to ask a series of questions of those organisations.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: They would have been, arguably, responsible for a huge percentage of monetary policy.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: I appreciate that.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: I have 15 minutes, as the Chairman is aware.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: In fairness, Chairman, you interject between every single speaker. I am asking questions and my first responsibility is to the Irish people, as is yours, I might remind you.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: If you would allow me the breadth at times to give some relevance and context to my questions, you might have time to listen.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: If you give me the time without the interjections.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: Thank you. Does Mr. Regling feel that the crisis in Ireland could have precipitated a collapse in the euro?

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: Okay. That is fine. In that context, without the benefit of hindsight, the methodology in terms of the structural deficit which Mr. Regling speaks of now, rather than in the report, which he mentioned in his opening statement, and the fact there is a lot more macro prudential focus, would it be fair to say that the structure of the eurozone for small open economies such as Ireland was...

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: As Mr. Regling said - we are to talk about the period in the report and the report itself - at that time the structure was incomplete.

Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)

Marc MacSharry: Can I move on?

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