Results 8,721-8,740 of 26,050 for speaker:Kieran O'Donnell

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Well, just in layman's terms.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: And what would you classify as a default?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: So, if you were to look into the future, we'll say, and you'd a particular loan and they were servicing the loan at that moment in time, but when you looked into the future you took the perspective, based on the environment that was coming down the tracks, that they would not be able to make the payments in a year's time-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: -----under IAS 39, could you reflect that as an impairment?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: What's IBNR?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: He is in default.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: You haven't technically defaulted.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Sorry, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Yes, yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Okay, thanks, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: So am I-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: So am I correct in saying that ISA 39, contrary to the popular view or the popular belief, that you are actually able to make provisions for future losses? And secondly, in terms of the audits of AIB, what scale of adjustments did they ... did ye put forward and did the bank make on the basis of your audit over the provisions on loan ... on losses on loans they had already made?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: But you had a financial crash? Surely that was a ... it's a very fundamental point.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: No, no-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: But ... but you had a financial crash of monumental proportions, never happened before.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Sure ... sorry. Without ... that ... there's, did that not constitute a defining event for providing these losses provisions under ... you call it I ... I'm going to call it-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: IBNR, but in essence it's losses ... a provision for losses into the future?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Kieran O'Donnell: Yes, I just-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Kieran O'Donnell: Thanks, Chairman. Mr. McDonnell, for a layman, we have a lot of technical terms here ... how would you define true and fair ... "true and fair view"?