Oireachtas Joint and Select Committees

Wednesday, 13 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. The Nyberg report gave you the label, when I say "gave you", I'm taking about external auditors of the silent observers. He explains on the page, he says:

The problems in the Irish banks [and I am quoting] were building for several years before the crisis. These were problems of credit quality, sustainable lending practices and adequacy of internal procedures; they were not generally operational problems related to ... IT systems or the mechanics of loan documentation. Auditors, there ..., did not feel that commenting on the implications of such business model problems fell within their proper remit. In fact, it may be questioned whether they even saw them as problems since very few others appear to have seen them either. On these issues, they appear generally to have stayed silent.

Do you believe, from Nyberg's analysis, that you were one of the silent observers?

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