Results 25,181-25,200 of 35,925 for speaker:Pearse Doherty
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can I ask you why did your body, which represents valuers, lobby the Government in relation to tax changes for the property sector? For example, the abolition of the stamp duty and changes to the stamp duty, mortgage rent scheme, mortgage interest relief... they are quite numerous. Why did a body such as yours ... that are ... is an institution in terms of valuation, go into that area?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Was it the right thing to do in hindsight?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can I ask you ... in the position that you hold, was it appropriate in 2006 to be lobbying for the abolition of stamp duty? Was it appropriate to be lobbying for a number of measures that some would say would have potentially fuelled the property bubble?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can you just inform the committee or ... or for a body that represents auctioneers, who sells the property, and a body who represents valuers, who value the property, some people would see that as a conflict of interest and suggest that when valuations increase everybody wins. What would you say to that notion? How would you rest ... how would you rest the concerns that people would have,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: I just want to ask you in relation to evaluation panels, you mentioned that they were generally organised and managed by the financial institutions and I'm interested to see how those panels created competition between valuers ... amongst valuers ... and also in relation to the Central Bank's report that you mentioned on ... on page 4, "Valuation Processes in the Banking Crisis –...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Can I ask you this here ... because one of the Central Bank's findings is the point about the relevant experience, where they talk about where "there were instances in which valuation appointments were not assigned to valuers with the requisite experience and inappropriate valuations were utilised by the credit institution[s]". So would there not be a situation where somebody could be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Have you done anything ... the Central Bank suggests this practice did happen. And what did IPAV ... do you accept that? What did IPAV ... what have IPAV done, as the self-regulating body in relation to valuers?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Go raibh maith agat, a Chathaoirligh, agus fáitle roimh an bheirt chuig an coiste. Can I ask you, to start off, did Deloitte perform any stress testing as part of your external audit of the bank to take into account the correlation between the different types of property being financed, that being residential, commercial, development land and speculative land banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: And, in relation to how it was being financed in terms of realising equity that was in one project, financed in another project, did you look at that area?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: And were you satisfied with what you'd seen?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: And the stress test that you examined ... what ... what factors did you ... what percentage drops were included in those stress tests, say, for example, on the 2008 returns that you audited?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Of residential or commercial?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: That's peak-to-troughs?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Okay. We've heard from Professor Eamonn Walsh before the committee previously and he talked about the IAS 39 which we ... we've examined in ... in detail here at this committee. Professor Walsh also said in his evidence, it's on page 7 ... 478, and I'm going to quote it, so just for your benefit, he said:One could have a disclosure which says the impairments are low, the profits are high,...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: But is that statement not ... just a general kind of statement that you would see in nearly every statement of audited accounts? Would that be a general statement instead of saying, "Look, we have to value this in terms of IAS 39, we have to audit this in terms of IAS 39 and why ... while the bank is very profitable, while the impairments are low, the profits are high at the bank, we see...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Okay. Are you familiar with that Anglo went beyond the provisioning that was required under IAS 39 and provided for, I think, half a million ... half a billion euro additional provisions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Indeed. It was evidence that was provided to the committee.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: That's fine if you think that-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Pearse Doherty: Okay. We can leave that.