Results 23,181-23,200 of 35,959 for speaker:Pearse Doherty

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: It’s ... there is ... it’s not in the core books. It’s just a note, and if you take it that this is the case that there was-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: It’s not in the core book, no.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: It’s a minute in the ... of the audit committee of 9 November 2006, during your tenure, that the committee was satisfied with the performance of the auditors. In hindsight would you agree with this view?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Yes. I am more interested in your view in-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Can you recall any issue which may have warranted a qualified report which the auditors discussed with you but did not feature in the management letter, the final year-end report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Can you recall any issue which may have warranted a qualified report which the auditors discussed with you but did not feature in the management letter, which was the final year-end report?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: No, you cannot. Are you aware of any key issues that should have been included in external audit but were not?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Okay. Did the board fully understand the implications of the adoption of IAS 39 standard had on the financial statements of the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: It's you can’t book future losses.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: The standard that doesn’t allow you to recognise-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Yes, and the question is: I know that it was an accounting standard but did the board fully understand the implications of the adoption of IAS 39 standard had on the financial statements of the bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Well to the extent that expected losses may not be recognised in the end of year accounts because of IAS 39 and that it could provide a comfort maybe for the board. Did they, did they ... was this explained, did they understand IAS 39?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Okay. To the extent that you or any other board members had concerns with the adoption of IAS 39, was any concerns raised with the regulator? Was there any concerns, did you have concerns with IAS 39 or any other board member that you know of and was it ... was those concerns, if they existed, raised with the regulator or the Central Bank?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Okay. Do you feel that the amount provided for in the provision for bad debts was adequate and in hindsight do you feel that the amount provided should have been different?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: No, in the ... yes, well yes. Well under ... in your report, in ... the provisions that the bank made for bad debts.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Okay.

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Okay. Mr. Went, finally can I ask you what role, if any, did you play in your institution in bringing it to a point where it needed to be rescued for the State, less than 18 months after you left your position? What decisions did you make that helped bring that about or do you completely absolve yourself from any decisions or directions that the bank took at your time that set it on this course?

Committee of Inquiry into the Banking Crisis: Nexus Phase (3 Sep 2015)

Pearse Doherty: Go raibh maith agat. Fáilte roimh tUasal Gantly. Can I ask you, and it was mentioned in relation to the e-mail to IFSRA on 22 November, it's on page 11-----