Results 11,681-11,700 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: Yes, absolutely because there were other matters such as the burning of the bondholders and all of that stuff that came right up to 2011 and beyond.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: That is good and it is important. As we are speaking today, news agencies are reporting the cost was €40 billion. I am pleased to hear Professor Patrick Honohan put it on the record that the figure is incorrect. Using ELA, emergency liquidity assistance, between the Tuesday and Sunday in question, why does Professor Patrick Honohan believe the European authorities, with...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: That is Professor Patrick Honohan’s opinion at the time. He has not changed it in advance. If, as the Governor of the Central Bank, Professor Honohan was presented with the same option today, would he opt for emergency liquidity assistance as a kind of a gamble, just to see how the political negotiations go between now and the weekend or, given what he now knows, as...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: In his role as a member of the Governing Council of the ECB, does Professor Honohan have fiduciary duties?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: I am asking whether Professor Honohan has a fiduciary duty when he attends the bi-monthly meetings in Frankfurt?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: Fiduciary duty means that one must represent the interest of the principal. I presume the principal in this instance would be the European Central Bank.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: Does it supersede Professor Honohan's responsibility, in his role as Governor of the Central Bank of Ireland, to the Oireachtas and Government?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: If the issue I raise was related to that, I would have said that.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: I want it to be exactly where I have it. Let me rephrase if that makes people a little more comfortable. If the Governor of the Central Bank has a fiduciary duty in his role as a member of the Governing Council of the ECB, where does the hierarchy come in? In other words, which of his responsibilities supersedes the other? Is the person who was previously-----
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: It is one of two responsibilities.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: It is the responsibility to the Irish Government or the ECB.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: I understand it has not caused a problem for Professor Honohan. To my mind, Professor Honohan's responsibility when he goes to Europe is the same as that of a European Commissioner in that he leaves the jersey at the door and brings the Irish information to the ECB on an ECB basis. Let us say the Governor of the day had information related to the position in Ireland and set out this...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: That is a bit worrying in any case. What is Professor Honohan's personal view on the ECB's refusal heretofore to co-operate with this inquiry?
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: It is perfectly relevant.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: We will see on that one. Professor Honohan made much of the need for expertise in the banks. He believes the banks are ultimately responsible and that we need the highest standards of ethics. I may be ruled out of order on this issue but I do not believe I am straying too far. Since the report was published, has the Central Bank refused many directors or qualified financial advisers on...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: Since the report.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: Senator O'Keeffe mentioned the closeness of the Central Bank to the Department. My information is that no one has been formally refused and banks obtain an opinion first on an individual and then take a decision.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: If the Chairman wishes to rewind he will see that a question was asked.
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: This is a little like the banks' announcements on lending figures which do not feature details of applications that have not been fully processed. Is that it? Another question arises in terms of the Central Bank's investigations. Property investment syndicates were not regulated in the relevant period. From speaking to people, did Professor Honohan believe this issue should be...
- Committee of Inquiry into the Banking Crisis: Context Phase (15 Jan 2015)
Marc MacSharry: In my last question-----