Results 3,761-3,780 of 7,082 for speaker:John Paul Phelan

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: I don't have the reference-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: In a relatively short period of time, valuations seemed to diverge pretty dramatically between different valuers and I'm really looking for ... your ... an explanation as to that divergence.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: It's on the screen in front of you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Please, if you would.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: I'm going to change briefly. I only have a few minutes left. Does your organisation conduct audits or, kind of, a sampling of valuations by its members to ensure that ... to test for accuracy and to test for adherence to the standards?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Did you say every member is evaluated or how does that process work?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: So it's not what you'd call an audit, effectively, then. It's ... because there can be differences ... legitimate differences, is what you're saying-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: -----between what one valuer sees and what another-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Okay. Final question. Can you describe for the committee the stress test that would typically be applied to a large multi-purpose commercial and residential development in a major urban centre, and how such stress tests would account for low occupancy uptake potentially of that facility?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Okay. Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Thank you, Chair. A couple of quick questions, Mr. Davitt. First of all I want to know ... can you outline briefly how IPAV is funded, what's the structure, how the organisation is run? And in relation to disciplinary procedures, what sanctions are available where a complaint is upheld - what sanctions are available to IPAV against its members? And, finally, in answer to one of my...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: The sanctions that are available, if a complaint is upheld.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Do you have figures for the previous years? I know you weren't in the current position but-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Thank you Chair and good afternoon, gentlemen. Firstly, I want to ask you, maybe both, in your opinion, did the management structure of Ulster Bank impede provision of good governance within the bank or what impact did it have, if any, in your opinion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Mr. Cullen, you referenced the Nyberg report. We have had discussions with Mr. Nyberg and others, who have referenced this report as well. I want to put to you a particular passage which is well known and has been discussed at this committee before. Page 56 of this report, paragraph 3.6.2. The quote is as follows, "The Commission would have expected a bank auditor, exercising necessary...

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Do you believe to use that phrase "necessary professional scepticism" that you were necessarily professionally sceptical in your role as the auditors of Ulster Bank Ireland?

Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)

John Paul Phelan: Following on from the Nyberg report, the auditing ... professional Auditing Practices Board, in March 2012, produced a paper on the concept of professional scepticism and it noted that the auditing standards defined professional scepticism as, "An attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical...