Results 3,341-3,360 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: All right, I'm not going to mention the names.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Just to finish this line, if it's okay. So, how many times did it happen in your time as managing partner?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And of the three or four times that it happened, was the person removed from the audit team, or how many of the three or four times were they?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay. And of those instances that ... that ... that you removed the two or three ... that the person was removed, was the complaint over-intrusiveness or the way the person sat or a personality - use your own-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And you don't want to lose the ... you don't want to lose the business, either.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Did it happen with Irish Nationwide?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Am I'm allowed answer that, no?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: I don't know whether I'm allowed ask this so I'll-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay. Well, we'll ask it now and you can rule me out of order: did it happen with INBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Nothing further.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Thanks very much and welcome, gentlemen.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Can I ask, with regards to the preparation of the firm's annual audit plan and the risk assessment underpinning it, did the risk assessment approach adopt a change to meet the prevailing environment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Is that process gone through every year or just, say, in the context of '07-'08?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: And for 2008, I mean, was there a marked difference in the preparation and planning for that because of the environment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Can I ask did the firm conduct their own independent assessment of EBS's credit risk methodology to satisfy themselves that the principles-based process adopted by the society were appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: In 2005 Ernst and Young sent a management letter, it's on page ten of the evidence book, to EBS and it looked at the maintenance of credit quality and the appropriateness of loan provisioning. It said there should be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Ten. It is only a short reference and I'll be quoting it directly but I'm just mentioning it for you. "Should there be a default on a loan, there is an additional risk that the collateral securing the loan is insufficient." It later says in the same letter, "Our controls testing focused on the credit review process and the role of the Credit Risk Committee in assessing asset quality and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Page ten is blank so it's the one beside it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: But it starts on the page before that again, so sorry. But I've quoted the relevant points precisely so it's only for the Chairman's benefit. How significant did Ernst and Young at the time believe that the risk of insufficient collateral to EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: So I mean if ... in that management letter, if you believe there was insufficient collateral potentially, why would the firm state that the credit review process is robust and there are suitable controls around the process?