Results 25,041-25,060 of 35,925 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: No, it's the same question, with respect, Chairperson, because we will not have time - or I will not have time - to go through the whole matter about the financial-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: -----European financial crisis-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: -----between that date and today. The question-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (21 May 2015)
Pearse Doherty: No, no, no, the question is quite simple. With the benefit of hindsight, John Hurley, sitting here in the banking inquiry in 2015, knowing what has happened, do you believe the right decision was taken to guarantee Anglo Irish Bank on that night?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Go raibh maith agat, a Chathaoirligh, agus fáilte roimh an bheirt agaibh chuig an coiste fiosrúcháin. Can I ask you by asking you first of all, can you recall any issue which may have warranted a qualified report, which was discussed with the bank but did not feature in the management letter, the final year-end report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: So, is it the case or not that for the years PwC audited the bank, no issue arose during the audit that necessitated a qualified report?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: No such issues arose. Mr. Murphy, on page 10 of your opening statement, you referred to the practice note 19(1), and this can be answered by either of you, and you state and I quote: "...there may be circumstances where the auditor concludes that a matter does not give rise to a statutory duty to report but nevertheless feels that in the public interest it should be brought to the attention...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: There were cases?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: There were no cases?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: So, to your knowledge, there were no cases when the auditor came across something on the book of the bank that, while within the rules, was, nevertheless, a cause of concern?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Pearse Doherty: Yes. The question that I am asking is not in relation to what you're required to report, which is in ... again, in your opening statement, you talk about the statutory duty to report, but you go on to say but "nevertheless feels that in the public interest it should be brought to the attention of the Financial Regulator," that it allows an auditor ... and I will read it again: "where the...
- 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-----