Results 2,061-2,080 of 4,168 for speaker:Susan O'Keeffe

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: I have I'm sorry----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: In the bank's growth strategy ... the growth strategy appears to have been predicated on gaining significant market share from their competitors and they did discuss that with us. Did Deloitte, did you ever analyse the risk level associated with the percentage share of the property related lending market and the retail market targeted by Ulster Bank? And again if you can be a bit concise...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Okay, and would it have shown any concern? Because that was the thing they were pursuing and they have been open about that. Would you have any-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: And you believed it did?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: And was sufficient priority given in the external audit to the consideration of the risks associated with both borrower concentration levels and sectoral concentration levels?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Right. I'm just wondering for either of you but perhaps particularly for Mr. Cullen, did you ever have any engagement with the Department of Finance with the Minister for Finance, with the Taoiseach, with the Central Bank? You mention in your own statement you would have had some engagement with the Central Bank, but would you ever have sought out to speak with them about concerns about...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Of course. Yes I don't mean specifically about Ulster Bank.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: You're mixing me up, I'm asking about whether or not broadly speaking in the context of the financial world in which you both inhabited at that time, would you have ever had calls to discuss as things were changing, were you concerned, did you have any thoughts? Or were your heads down being auditors if you'll excuse my-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Okay thank you. Did your audit have any dealings with the global restructuring group within Ulster Bank, obviously Ulster Bank Ireland now as opposed to Ulster Bank, as opposed to the RBS?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: How much of the auditors' work is generated by the bank's own internal auditors? Again I'm thinking here of the public not quite understanding ... in a simple way of describing that. Clearly internal audit is an ongoing process so do you guys come in and take that and work from there or do you have to go back and review all that or how-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Professor Ed Kane when he was here giving testimony he said on page 233, "One may know that the firm is in grave trouble but the auditors may not have sufficient information to allow them to determine that." Is that-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Finally, in 2011, the corporate watchdog, Paul Appleby, said there were grounds for questioning and I'm quoting what he said, "the consistency and quality of audit work within the profession." He went on to say he thought, "Auditors report surprisingly few types of company law offences to us", and went on to say that the so-called Big Four, of course of which you are a member, "the so-called...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: I have a few very short questions and then a couple of longer ones. Mr Cullen, on page 3 of your own statement you say ... I'm sorry, page 7 of your own ... you talk about PN 19 (1) includes section B which deals with the auditor's right and duty to report - "It requires that where an apparent breach of statutory or regulatory requirements comes to the auditor's attention, the auditor...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Okay, well you put it in your statement Mr. Cullen so.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Okay, well fine. Is it "should" or "must"? Does "should" mean "must" or not? "Yes" or "No"?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: It does. Thank you. Did you ever ... Did Ulster Bank or the RBS ever say anything to you after 2008-2009 about the audit or about their concerns given what happened?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Obviously, thousands of loans are made in any bank. Who would choose the sample for the audit of the loans? Would you guys choose them or would the bank choose them and give you the sample?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: You would choose them. Can you tell me then, in relation to your statement, you say on page 2, point No. 10, "The quality of loans had deteriorated during 2008." Had they also deteriorated during 2007?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: By a much smaller degree.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

Susan O'Keeffe: Okay. In point 19-----