Oireachtas Joint and Select Committees
Thursday, 14 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Sean Barrett (Independent) | Oireachtas source
The going concern basis for the accounts, this is on page 54 of the document you sent us, for the year ended 31 December 2008. Does that correspond at all to a definition of "going concern", knowing that senior people, from the client, were in Government Buildings, you know, looking for money on the 29 September, and that it ended up 98% in public ownership? That's not a going concern, I think in the views of how most people would define "going concern". And as you say, there had to be verbal undertakings and letters of comfort, which the Committee of Public Accounts here isn't very wild about ... it's very ... it's a very elastic definition of "going concern".
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