Results 9,201-9,220 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: It was a valuable fee income.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Just from looking at the financial statements of AIB which were audited by KPMG and I was looking through 2007, for example. And there are 18 pages dealing with risk management and there isn't a single reference to property and construction. And if I can just put the question in some context, I suppose, for Mr. Dobey, for example, in that year, total loans and receivables to customers were...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes. Is that in the directors' statements-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: No, no, that's fine. And the last excerpt you read out there from 2006, where is that presented in the financial statements? Is that in the directors' report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes. I mean, the 2008 financial statements would've been agreed and published in early 2009, so that would've been after the bank guarantee and after the crash, for want of a better phrase, in September 2008. The issue I'm raising is, you know, people who would've been relying on financial statements for 2005, 2006, 2007 ... yes, in the note dealing with loans owed to the bank, there is a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Can you just talk us through, during the course of an audit, if you as the lead auditor felt very strongly that there should be a note in the accounts? Obviously, the accounts are the preserve of the directors, but if you as the auditor felt strongly that there should be a note, what typically would happen in that situation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Ask AIB to put it in, yes. And was there ever a situation where you as the auditor desired additional disclosure by way of a note or a statement in the accounts, but that was denied by the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Okay. But prior to 2008, there weren't any examples where you wanted something in the financial statements, but-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Okay, and just to clarify, there was never a situation where an issue was of such seriousness that you felt it might warrant a qualification in the report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Another question, Chair, if I may? In terms of your communications with the AIB audit committee, and you referred to this in your opening, your witness statement, page 7, that between 2004 and 2007, those communications would have included the identification of risks relating to, or arising from, property funding and liquidity, and I assume that the extracts you read out there to Deputy...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: It is general in nature.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: And you were satisfied with the response of the ... the audit committee and the board, subsequently, in the presentation of the financial statements?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Thank you.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael McGrath: Or the issue of disclosure of property-related risks, yes.
- Written Answers — Department of Finance: Tax Reliefs Application (19 May 2015)
Michael McGrath: 127. To ask the Minister for Finance further to Parliamentary Question No. 293 of 21 April 2015, if he will arrange for the Med 2 form to be amended to reflect the fact that the cost of attending a relevant practitioner as distinct from the cost of the procedures carried out qualifies for tax relief; and if he will make a statement on the matter. [19472/15]
- Written Answers — Department of Finance: Flood Risk Insurance Cover (19 May 2015)
Michael McGrath: 128. To ask the Minister for Finance his plans to introduce a scheme to the effect that, following the completion of a comprehensive and agreed flood alleviation scheme to the required international standard, insurers may be obliged in law to reinstate flood insurance cover to homes and businesses within the same area; his views that the State should share in the risk for a defined period,...