Results 11,641-11,660 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: More serious, of course.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: Countries were not able, for example, to adjust their own interest rates, in that aspect of monetary policy. Given that there were no bears in the market, with the exception of Professor Taylor in Stanford and Professor Morgan Kelly in UCD, what pro-cyclical policies could a Government have implemented in 2006 to prevent this crisis? At that stage, if we had listened to the IMF or the...
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: Given the imperfect nature of the eurozone and its structure, as we spoke about earlier, we were not really prepared for that aspect. Would that be fair to say?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: In his report, Mr. Regling said we had the home-grown issues and, within that, the regulatory environment, the supervisory element and so on. Is it fair to say that our Central Bank and regulator were not fit for purpose at that time?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: If there was a period at which Mr. Regling would look back - obviously, there was no limit on the length of time he looked back before 2008 - what period would be most appropriate, in his view, for this investigation to look at in terms of the management of the Central Bank and the regulator?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: In his preparations for the report, no doubt Mr. Regling would have spoken to the head of the Central Bank. Did Mr. Regling speak to the previous heads of the Central Bank or just the current or the then head of the Central Bank?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: Of course I do not want Mr. Regling to mention any names. In the context of the structure of the euro and how the 19 heads of central banks operate, each being a member of the governing council of the ECB, in Mr. Regling's understanding at the time - I suppose it is the same now - when the 19 central bankers are sitting around in Frankfurt, have they a fiduciary duty to the mission of the...
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: So they must act with the information they have in the best interests of the mission of the ECB rather than the member state.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: In the last part of his statement, which was very good, Mr. Regling mentioned, as did Senator Susan O'Keeffe, that Ireland was a country in which it seemed no one was really in charge to prevent such a bubble from emerging over the four to five years before the crash. In his research and interviews with 100 people, and no doubt from reading other reports and media commentary of the day, he...
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: I thank Mr. Regling.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: With entry to the EMU by Ireland do you, Professor Lane, think the Central Bank here went on autopilot?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: Exactly.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: So the Central Bank was not on auto pilot-----
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: It is not a case of what the Chairman reckons I am implying.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: Auto pilot.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: I asked the question of the witness. I am going to clarify it now. Professor Lane, you are saying it was not on auto pilot but certainly the focus for the Central Bank, which was busier because of the all the new committees in which it had to participate, was on serving the ECB mission rather than on the national one. Would it be fair to say that?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: Does the structure of the responsibility, and to use a phrase I used earlier with other witnesses, the fiduciary duties of the members of the governing council of the ECB, where the governors of the central banks had to be committed to the overall mission of the ECB, compromise the role of governors of central banks in their responsibilities to their mother central bank, nation or people?
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: I was not aware he gave a clear answer.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: I will continue to ask that question of others. The previous witness used the word "incomplete". Professor Lane referred to the youth of the EMU and that, in his words, it had known only good times. In many ways the Irish people were the guinea pigs as the bigger European players minimised their losses while trying to come up the curve in the context of the international financial crisis.
- Committee of Inquiry into the Banking Crisis: Context Phase (21 Jan 2015)
Marc MacSharry: We do not know that.