Results 8,641-8,660 of 26,050 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Do you believe there was conflicts of interest in that situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: How was it allowed to continue in terms of regulation of your members? You're self-regulating?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: But there was never a situation where an investigation was carried out ... where you had a situation where you had an auctioneer acting for both a buyer and a seller and, at the same time, gaining from both the buyer and the seller and also gaining financially from putting the finance in place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Thanks, Chairman. I want to welcome Mr. Fitzpatrick and Mr. Cullen. Can I just deal with the whole issue in terms of the valuation of the security that's offered in respect of loans? And would ye have performed a review in respect of the valuations received for the assets offered as security? And, given the fact, we'll say, that property was falling in value, how would ye have felt about...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: But we'll say, in simple terms, did you ever commission independent valuers to carry out evaluation of some of the... a sample of the loans, the security for the loans in the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Okay. Secondly, if you had those concerns in terms of the valuation of the security, why didn't you qualify your audit opinion?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: But you said it was significant.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: You said... okay so therefore, surely in terms of true and fair... sorry I-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Well I asked-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Sorry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: We are... I just want to say Chairman, we are on the same page. I only want to know the process by which you got to it. I wasn't asking.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: The fact, Mr. Fitzpatrick, that it was so significant right, why didn't you draw attention to it in your audit report by way of an emphasis a matter, not strictly speaking a qualification?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Looking back, the fact that €13 billion of, effectively from RBS went into Ulster Bank Ireland. On reflection, what would you feel about not qualifying the reports in any shape or form on the valuation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: On IAS 39, can you just confirm ... clarify to me that the valuation basis for looking at impaired loans. Am I correct in saying that the way you valued the loans was based on looking at any loss would be a measure between the difference between what the asset was being carried at on the balance sheet of the bank and the net present value of the cash flow from the loans? So, I suppose the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: Well, the provision you provided, which was €304 million of impairment for 2008, surely that was grossly inadequate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: But you've signed off on the provisions.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: No, no I'm asking you ... surely with the valuation basis under IAS 39, that you look at the difference, you're looking at the future cash flows from loans. So it's not strictly correct to say you do not book losses until they're realised. The valuation method under IAS 39 is based on future cash flows that come in from the loans and to evaluate those, and I'm saying against the market of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: It's still very low as a percentage of the overall.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: The question I'm really asking Mr. Fitzpatrick, am I correct in saying is the IAS 39 is not strictly about showing the loss when you realise or sell the asset? It's actually about looking at the future cash flows from a loan. And the point I'm making here is, on that basis, surely the provisioning should have been higher by the banks and, consequently, the audit report should have reflected...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Kieran O'Donnell: In hindsight, Mr. Fitzpatrick, looking back now, would you have done anything differently in terms of, particularly the audit of the '08 accounts?