Oireachtas Joint and Select Committees

Wednesday, 20 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The 2000 ... year ... the year end for Bank of Ireland is 31 March every year ... was back then. So the year 31 March 2007 and the year 31 March 2008, you would've audited the company's accounts and you gave technically ... which was an unqualified audit opinion ... an independent audit opinion. In layman's terms ... someone reading the accounts, you did not criticise the accounts in any way. So the question, I suppose, I want to ask is in light of the fact ... you signed your audit report for 31 March '08 accounts on 20 May '08 and within literally four months of that date a bank guarantee had to be brought in to effectively secure the deposits and liabilities of Bank of Ireland, which was from the taxpayer. And within a short period of time of that again, within another what ... four months, the taxpayer had put €3.5 billion of their money into Bank of Ireland. Now looking at that in hindsight, did the accounts show a true and fair view or not?

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