Results 8,741-8,760 of 26,050 for speaker:Kieran O'Donnell

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

Kieran O'Donnell: What about reflecting the actual financial position of the state of the bank at that particular moment in time?

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

Kieran O'Donnell: The 2000 ... year ... the year end for Bank of Ireland is 31 March every year ... was back then. So the year 31 March 2007 and the year 31 March 2008, you would've audited the company's accounts and you gave technically ... which was an unqualified audit opinion ... an independent audit opinion. In layman's terms ... someone reading the accounts, you did not criticise the accounts in any...

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

Kieran O'Donnell: Why?

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

Kieran O'Donnell: But, Mr. McDonnell, you have said here that there was a liquidity crisis from late 2007 onwards. You had discussions with the regulator amongst the four big firms in Ireland, including PricewaterhouseCoopers, on 10 January 2008, around the whole area about how you'd value securities. That was once again around liquidity. So the question I'm asking here is, to the layman looking in, how did...

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

Kieran O'Donnell: The question I am asking once again, Mr. McDonnell, to the ordinary person looking in ... how could you give a report that was in no way critical of '07 or '08 accounts in respect of Bank of Ireland?

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

Kieran O'Donnell: I know that-----

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

Kieran O'Donnell: Yes, but Mr.-----

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

Kieran O'Donnell: Chairman-----

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

Kieran O'Donnell: But the question I have, Mr. McDonnell, is based on the fact that €3.5 billion of taxpayers' money went in to Bank of Ireland within a relatively short few months, in hindsight now do you believe the accounts showed a true and fair view at 31 March '08?

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

Kieran O'Donnell: Okay. Can I move on from that? In terms of your analysis of risk, the issue in terms of auditing is materiality. So how do you define "materiality" Mr. McDonnell?

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

Kieran O'Donnell: Mr. McDonnell, in the limited time I have, what-----

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

Kieran O'Donnell: -----what would be the percentage of materiality based on ... give a benchmark, what ... did you change-----

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

Kieran O'Donnell: €70 million to €50 million?

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

Kieran O'Donnell: On a particular item?

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

Kieran O'Donnell: Did you adjust that materiality when the crisis hit in '07 and '08, to take account of risk?

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

Kieran O'Donnell: Did you change your materiality when the risk period came?

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

Kieran O'Donnell: At all?

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

Kieran O'Donnell: Why not, considering the risks?

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

Kieran O'Donnell: Can I move on to the item? The level of audit fees that you would have earned from the audit, Mr. McDonnell ... was the ... in 2008 you got €4.9 million and overall you got €10.8 million from Bank of Ireland. Was that your highest audit fee?

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

Kieran O'Donnell: In 2008 PwC received €10.8 million-----