Results 3,121-3,140 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: And you still proceeded to exceed them.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Was that a sufficient way to do business?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Mr. Purcell, if we could bring up the document, Vol. 1, page 125, the NAMA annual report please? The NAMA discount or the famous or infamous haircut. INBS, the institution you represented, amounted to 61%, the highest of all institutions. Could you offer an explanation why INBS was the highest?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Were you ... were you surprised at the discount, the extent of it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Mr. Purcell, KPMG's annual statutory duty confirmation letters to the Financial Regulator for each of the years '04, '05, '06 and '07 note instances of breaches and errors in each sectoral return, prudential returns and large exposure reports made by INBS to the regulator. Why did these breaches and errors occur?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Mr. Purcell, those errors occurred, re-occurred, over a number of years.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: And were the systems just incapable of rectifying the matter?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: In the 2005 report, the review of effectiveness of internal audit, KPMG stated the existing internal audit ... this is Vol. 2, page 93, Chair: The existing internal audit function is not [the] best practice. ... In particular it lacks the depth of experience necessary to challenge the areas of key risk, which includes Treasury and Commercial Lending. In the 2008 management letter, KPMG...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Chairman, if you could go to Vol. 1, page 31. I'll just move on, Mr. Purcell. In KPMG's corporate governance review in '08 it states: Board packs are very detailed and at times lack clarity and structure. For example, there is little market and operational overview and salient financial commentary provided. Were you satisfied, as a member of the board of INBS, you were receiving a full...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: As the commercial lending business, in particular, grew, were the levels of impairment and the changes in accounting rules clearly articulated to the board, to fully appreciate the risk?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Yes, IFRS.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Mr. Purcell, the INBS section of the Nyberg report, did you read that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Were you surprised at the content of that?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Did you agree with it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: In the main, did you agree with it? Was it accurate of the institution that you served in?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Mr. Purcell, if you could just clarify a matter. Have you seen or heard Mr. Fingleton's and Mr. Walsh's evidence earlier today?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: If I could just clarify, please, because I put both ... this question to both gentlemen earlier today. I am speaking in relation to the change of lending policy in December '07 where the board previously had approval of €1 million-plus loans and subsequent to that the board no longer had approval of it, that it went to the board ... the commercial loan applications ... the board no...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Mr. Fingleton certainly seemed to indicate that was a board matter and Mr. Walsh indicated that it came from the executive. Could I ask you your understanding of whether it came from the board or from the executive?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Could you clarify then, Mr. Purcell, was it a decision by the executive, accepted by the board?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (2 Sep 2015)
Michael D'Arcy: Was Mr. Fingleton in agreement with that prior to it going to the board?