Results 3,281-3,300 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Okay. And what was the findings of that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: And would you describe their review as intrusive or, for want of a better expression, light touch?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: They made no adverse findings. And would their activities be the same as, or less intrusive than, the Public Company Accounting Oversight Board in the United States for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: And would you be aware that ... and this is why I asked earlier. I mean, is there a similar and a consistent approach taken internationally, that on a review in 2014, that the Public Company Accounting Oversight Board found that 25% of audits were deficient in the United States, and citing in particular testing controls over the valuation of long-lived assets, purchased loans-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: I will in a second, if it's okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: -----impaired loans-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Yes, I'm quoting from The Wall Street Journalof June 2, article by Michael Rapoport.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Yes. No, that's-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: No-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: -----of course it wasn't. I'm merely asking, if we're applying the same standards internationally, if we have the same approach internationally, and we're finding these kind of deficiencies in similar activities in the United States on 25% of audits, and the regulator here is finding that everything is in good shape, I'm just merely trying to ascertain, do both regulatory organisations take...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Yes. No. Again, I'm just asking because it's something that came up on another-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: And their treatment of impaired loans and purchase loans is different, is it, very substantially to here?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Yes. How would you briefly characterise the firm's interaction with the Financial Regulator in the period 2003 to 2008, Mr. Cullen?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Okay. That's the process, but how was it? Good, bad?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: So since 2009, would you have ever had occasion to say to the regulator, "Look, we have concerns, to use your word, about client X", or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: I'm not asking him to name them.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: No, it can't be reframed to that. In fairness.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Well I'm not letting anybody away. But I mean like, the reality is, I'm not asking him to name any clients at all. What I'm saying is, you said that you sought the ability to ... you said you had a legal obligation first of all to report, but you didn't have a facility to report. So you sought that, and it was given in 2009. All I'm asking is, did you ever use it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Marc MacSharry: Did it change after 2009?