Results 18,401-18,420 of 26,148 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Professor Connor produced the paper "Sliding Doors Cost Measurement: The Net Economic Cost of Lax Regulation of the Irish Banking Sector" with Brian O'Kelly. In hindsight, at what point should the Financial Regulator have moved and put controls in place to prevent the growth in property development and inflows of foreign debt?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: In property or debt inflows?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: What practical measures does Professor Connor believe the regulator should have put in place to control the excessive growth?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Professor Connor said the Irish crisis was different, that it was purely a credit crisis and that Ireland did not experience a liquidity crisis. Surely the fact that the Irish banks were being forced to go to the ECB for funding was an indication. Was the fact that emergency liquidity assistance, ELA, funding was not provided to Anglo Irish Bank and Irish Nationwide on the night of the bank...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: What does this indicate to Professor Connor?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: What does the fact that ELA funding was not provided to Anglo Irish Bank on the night of the bank guarantee indicate to Professor Connor?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Is it fair to say the true and fair concept is the auditors' opinion of a company's actual financial position?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: In his written statement, Professor Walsh stated: By 2009, it was apparent that the capital 'cushions' available to Irish banks were entirely inadequate. Some financial institutions had liabilities that exceeded their assets (i.e. they were insolvent or had negative capital). In terms of the audit reports that were issued between 2003 and 2007, were there any qualified opinions in any...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: An auditor must provide an opinion on a company's financial statements. The auditor has to give an actual report based on whether the accounts show a true and fair view. If an auditor gives a clean audit report, that means they show a true and fair view. If the auditor gives a qualified opinion, it can go from a spectrum of not reflecting the true and fair view-----

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Will the Chairman give me some liberty? With due respect, you asked me to explain it.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Thank you. Some banks had liabilities that exceeded their assets. They were essentially insolvent. Is it fair to say that clean audit reports, where they were not qualified, did not reflect the true and fair view of the financial position of the banks?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: With due respect, there is a judgment call on the part of the auditor. Looking at the reports that were issued, did they reflect the financial positions of the banks at that time?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Did the auditors’ reports reflect the true and fair view to the shareholders of the banks?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Were they required under Stock Exchange rules to provide additional reporting requirements such as emphasis on matters or additional work on the audit report where it would not be qualified? Is it fair to say that underlining a true and fair view is a going concern? When one looks at a set of financial statements, apart from the tomes of standards Professor Walsh referred to, surely the...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: The point I am making is that Professor Walsh stated some financial institutions were insolvent. One can speak all one wants about the bible of accounting standards. However, it is underlined by basic accounting principles such as prudence, accruals and, ultimately, going concern. Going concern should have been a fundamental criterion in any audit of a bank at the time. This, in turn,...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Kieran O'Donnell: Is Professor Walsh saying he believes the accounting and auditing principles in place are flawed?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: On page 5 of his testimony, about the 2001 recommendation where the Commission had difficulties with the spending in the economy, Mr. Buti states: "As some of you may remember, the recommendation was not very well received in Ireland; it was not implemented." I have two questions. Who, specifically, is Mr. Buti talking about in stating that it was not well received in Ireland and what...

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Did Mr. Buti receive criticism from Government and Departments in Ireland?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: Specifically, did the Commission receive direct communication from Government and the Department of Finance criticising this recommendation?

Committee of Inquiry into the Banking Crisis: Context Phase (18 Feb 2015)

Kieran O'Donnell: From the Irish Government at the time, there was criticism of the recommendation. What were the recommendations? Would Mr. Buti state specifically what were the recommendations?