Oireachtas Joint and Select Committees
Wednesday, 20 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. John McDonnell:
Materiality is looking at the disclosed performance in a set of financial statements so if a bank loses, let's say ... a large number of ... let's say a bank loses €10 billion, let's say they do - your materiality is prescribed around that number. So it's not driven by ... necessarily by the risk, it's driven by the performance in the financial statements and the numbers in the financial statements.
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