Oireachtas Joint and Select Committees
Wednesday, 13 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Gerry Fitzpatrick:
Maybe I didn't answer very well. I clearly didn't because you were ... because the question ... the risks I was seeing was the risk that the financial statements might be misdisclosed, mispresented, there might be error in them. Not that the business model was risky, that the financial statements ... that's what I'm trying to report ... which is ... might the recorded profit and loss account balance sheet, cash flows, etc., be ... have risks of material error because the measurement wasn't done correctly, or wasn't ... so I believe that those risks were ... were considered by us on our team, in our ... in our work, be that of the risk of impairment ... what level of credit quality was disclosed, the risk of liquidity, that was disclosed in relation to the funding gap, and also in relation to the basis of growing concern. So, I do think the notes the directors put in in relation to those issues did point to the ... the measurement risks and were appropriately disclosed. It may not be that future-proofing objective that maybe you might want in ... in terms of that idea of proofing the future, but I thought the risks and the ... of measurement of numbers were reasonably well disclosed and the accounting standards required that and they met that measurement standard.
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