Results 481-500 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: So, because of the seriousness it was decided to, to extend the exercise to all the six banks, was that the ... that was the decision on that day was it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: So there was an interval between the ... at the end of Atlas 1 and the beginning of Atlas 2.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: I see, but there was the meeting on 28 September where all the other-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And were you involved in any of the discussions about the Government guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Did they ask you for your input, given all the up-to-date information you’d provided, or guidance, on the form of the guarantee?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Thank you. Now, in your statement you also say that you made comments and observation about possible asset write-downs and scenarios:[T]hese were for indicative purposes only. And we did not seek to "mark to market" property assets in the present economic environment (where the market for property assets is largely illiquid); in that context it is difficult to forecast the outturn of any...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: But if you describe how the two scenarios that you added to the information you collected, how were they put together?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Chairman, could we refer to Vol. 1, the PwC core documents, on page 5, please? It will come up on your screen, gentlemen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: It's in your own green book as well. Looking at those, would it be fair to say that - on page 5 - that the institutions estimated a loss of ... it's not totalled but it starts with AIB thought it would be €2 billion and so on. That comes to €5.157 billion if I added up correctly. Then scenario 1 thought it would be €8.6 billion and scenario 2 thought it would be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: But you were starting to look into, I suppose what I might call this can of worms and you found-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: -----the ... a dilemma in the banks that they were unaware Chairman, I suppose, of just how deep these things were and you were discovering things like, on page 6 of the document, the top 22 exposures were ... 53% of them were in Anglo and 32% in AIB - a huge concentration in borrowers, a huge concentration in property. And you mentioned the optimistic view, but there were also people like...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: So they actually believed that kind of banking was sustainable, with heavy concentration on property, heavy concentration on a small number of borrowers, high loan to deposits and high loan to value.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: How do ... do accountants just record that or is there a wider need for the auditor to say "We really ... I would have doubts as well that this model of banking can continue as in the past"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: Would an auditor, say in a draper's shop down the country, would he just look at the books or would he say, "By the way, you have got a lot of 1952 suits at the back. I don't think you are ever going to sell those for anything remotely like what you paid." Do you do much of the latter? Would that form part of a typical audit?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And I note, from the auditor's website, that your collective bodies ... there's a lot of advice to the Minister, Michael Noonan, who will be in here tomorrow, on what he should put in the budget. Now does that contrast with auditing of banks in Ireland and elsewhere, which didn't see a bank crisis coming down the line? Is there a traditional view of auditing that just adds up the numbers...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: And how did the recipients of your report on October 6 ... well, they'd since had the guarantee ... wasn't that it? But did they realise that huge changes would have to take place in the Department of Finance, the Financial Regulator, Central Bank and so on because you-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: ----brought this right to the fore?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (9 Sep 2015)
Sean Barrett: When you were choosing the scenarios, even just to model it, did anybody say "Let's go to a 50% reduction in property"?