Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

In a case in which it is deemed that a bank must be part of a resolution, what call will the resolution board have on the auditors who signed the most recent financial statements? A question arose in Ireland as to the reason the auditors had not spotted it. Mr. Carrigan should talk me through this process. We cannot have some of the big global accounting firms issuing audit certificates and billing on the basis of a going concern only for a resolution to be required eight months later. I refer to people who certify the accounts are correct up to the previous quarter or whatever else. In Mr. Carrigan's opinion, should there be some call on those who were involved in certifying the institutions immediately prior to their entering a resolution? If not, why not? This is one lesson it is necessary to learn from what happened in Ireland. All institutions received fine audit reports right up until the day they became bankrupt.