Results 25,021-25,040 of 35,894 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Correct. So, again, back to my question, were there any cases where the auditor came across something on the books of the bank that, while within the rules were, nevertheless, a cause of concern for the auditor?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: No. So ... okay. So during the auditing process of Bank of Ireland, you have never identified any issue that was a cause of concern?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. How do you ... where is the tipping point in terms of such a concern that it was of the public interest?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. But it did go beyond the statutory requirement to report certain matters; it allowed you to report additional issues that you observed during the audits.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. When Brian Goggin, the former group chief executive of Bank of Ireland gave evidence before the committee, he said in relation to commercial property exposure, and I quote him: "€13 billion was in land and development and even again I think you'd need to look behind that, €5.4 billion of that €13 billion was in land bank. I think that is where the real problem...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. Can you explain to me why, in relation to the audit of the UK division of Bank of Ireland, that you felt it necessary to make that point in terms of commercial property and less secure types of lending and the result of the risk of latent bad debt is on an upward curve but that same type of statement did not find its way into the audit of the Irish division of that bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. Well. If you want to-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay, and that covered a range of areas. It didn’t specifically identify commercial property as an individual area as ... which was identified in the UK division.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. Okay. Can I ask you in relation to financial reporting, the same report and this is on page 29, section B, the reference on the screen is PWC00047–029. It makes the following observation with regard to:The high level of aggregation in the choice of loan types used to disclose credit risk information. Only 3 classes of loan exposure are disclosed being mortgages, personal and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: The Nyberg report on page 6 referred to the auditors as the silent observers. On page 51 of the Nyberg report, he asked a direct question, "why did the banks require State support in 2008 so soon after all of them had received unqualified audit reports from various auditing firms?" Can I ask you, could you answer that question and do you believe that the categorisation or the portrayal of...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. Final question is this here. You mention in the opening statement the changes that have taken place and the changes that are about to kick in in 2018. Bearing in mind those changes with all of them in place, including the one that will come in in 2018, if those were applied at the point of your audit of 2008, would the bank have still received the same type of audit? Or, what in...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Thank you very much agus fáilte roimh an beirt. In the EBS building society 2008 audited reports under the heading: ''Significant Accounting and Auditing Issues'', Ernst and Young states and I quote:Given [the] current market conditions, there is an increased likelihood that borrowers will be unable to repay loans. Should there be a default on a loan, there is an additional risk that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: So, when appropriate. So, the question was: did you review the valuations received for assets offered as securities? Is that a yes, where appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: And the second part of my question: were you satisfied with the valuation policy within EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: You've given comment on it but the ... if you are satisfied with it that's fine because you've mentioned earlier on-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Did Ernst and Young ever review EBS's process of registration of mortgage security and, if so, what was your opinion on the process and controls the bank adopted?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Okay. Mr. Smith, I'd like to refer to core booklet, page No. 4 ... this is a minute of a meeting between Kieran Kelly of Ernst and Young and Ted McGovern, chief executive of the EBS, which took place on 7 February 2007 and which was written and signed by Kieran Kelly. He says, and I quote, He goes:I asked [Ted McGovern] how there focus on commercial lending fits into the ethos of the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: You need to help me on this one here because like ... is an auditor's role not just to look at the figures and statements and, regardless of what the institution are doing, just to look at the figures? If it is - and correct me if I'm wrong in that ... if it is, then why would you be asking the chief executive why they're going into commercial lending and how it fits in with the ethos of the...