Results 25,061-25,080 of 35,925 for speaker:Pearse Doherty

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...

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

Pearse Doherty: Okay. There was mention earlier on to the evidence in the core booklet ... it's on page 21 and it's a letter from the Financial Regulator to the EBS dated 3 March 2008 and it relates to the inspection of EBS's commercial property loan book that was carried out by the regulator's office in January 2008 in relation to exceptions to policy. The letter states the level of...

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

Pearse Doherty: Okay. Would it be relevant to an auditor and financial reporting, if an institution gave out loans and 100% of the loans were outside the credit policy?

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

Pearse Doherty: We understand that the regulator had picked up on this because we see it from the letter. My ... what I'm trying to figure out with the 200 - I think - staff that went in ... or I'm not sure how many staff went in to this institution ... but the staff that went in to this institution and the samples ... on average, if you were taking any sample in 2006, 42% of them would show that there was...

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

Pearse Doherty: The final question I have here is in relation to IAS 39, which this committee has heard a lot of over the last number of days. I want to deal with IAS 39, paragraph 43, which allows for the ... I'll just quote it just for the reference: "When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value plus, in the case of a financial asset...

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

Pearse Doherty: So, on that basis, was there many loans that you audited, or your firm audited, in relation to EBS, that were written down to market value and was ... when they were originally audited by ... recognised by your firm, when they were originally audited?

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

Pearse Doherty: Maybe to just clarify where I'm trying to get-----

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

Pearse Doherty: -----and I'll use a ... just an example from my own head. If an institution provided a loan for €500 million to an individual to do X, Y or Z, and on the day that you went into the audit you believed that that lending was, maybe, inappropriate, the assets weren't there to secure it, so on and so forth, and the market value - the fair value, which is the value to be reached with ......

Written Answers — Department of Social Protection: Social Welfare Benefits Data (19 May 2015)

Pearse Doherty: 73. To ask the Minister for Social Protection if she will provide, in tabular form, the number of applicants who have applied for farm assistance payments over the past ten years who have been successful and unsuccessful each year; the number who have appealed; the average waiting time for payment; and if she will make a statement on the matter. [19500/15]

Written Answers — Department of Finance: VAT Rate Application (19 May 2015)

Pearse Doherty: 105. To ask the Minister for Finance if he will provide the individual measures which constitute the value added tax policy gap; and if he will provide the potential revenue foregone as a result of each measure. [19189/15]