Results 8,321-8,340 of 16,492 for speaker:Ciarán Lynch
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Does that mean that ELA was being provided to banks that were insolvent?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: What was the consequence of the provision of ELA to insolvent banks at the end of the guarantee period, two years and two months later?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Did this have any relationship with Ireland entering a bailout programme two years later?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: I need to put on the record that these are matters that may be subject to a criminal investigation and cannot be dealt with by this inquiry. I will give the Senator some leverage to ask a different question or else we will move on.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: I thank Professor Connor for his participation today. It has been a very informative and very valuable meeting which has added to our understanding of the factors leading to the banking crisis.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: I welcome Professor Eamonn Walsh, UCD, to discuss the regulatory and supervisory policies, systems and practices which may have underpinned the banking crisis in Ireland and, in particular, accountancy standards and auditing. Professor Eamonn Walsh is PwC professor of accounting at UCD. He has served as Dean of the Smurfit School of Business and chairman of the accounting department. Prior...
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Thank you Professor Walsh. In order to set the scene, can you outline briefly the types of public reporting the banks engage in as part of their day-to-day work, publicly and internally, such as annual reports?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: You mentioned the regulators. In regard to external users, would auditors have obligations concerning risks associated with concentrations of lending limits by banks?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Do external auditors have obligations concerning disclosure of risks associated with concentration of lending by the banks? If there is a particular concentration of lending in an area, does the auditor have a requirement to report that to the regulator?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: We heard from Professor Connor and from others that there were high lending concentration limits within the banks to the property development sector. From your examination of the practice of accountancy and auditing, was there any reporting by auditors to the Central Bank between 2007 and 2008, the period of high concentrations by banks in that sector?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Time, Senator.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: To conclude this session, would Professor Walsh outline the concept of true and fair in the context of opinions of auditors and annual financial statements. What does true and fair mean?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: I ask Professor Walsh to revisit the matter as we conclude.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Will Professor Walsh outline the extent to which an auditing firm can be exposed to one financial institution in terms of its business book? Can a firm have 50%, 60% 80% or 100% of its business with one client?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Is it 80%?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: The Deputy has time for a final question.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Will Deputy O'Donnell explain what a qualified opinion means?
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Okay. Does Deputy O'Donnell want to-----
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: I am holding the clock. I will bring the Deputy back into the time. There is no need for him to be like that.
- Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)
Ciarán Lynch: Is Professor Walsh familiar with the Central Bank’s winter quarterly bulletin 1995 where very clear and specific recommendations were made to external auditors with regard to concentration limits? This was referred to in the Honohan and the Nyberg reports.