Results 4,301-4,320 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And, in particular, the people with property experience, what profession would you pull them from?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Should you have?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Should you have?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And specifically, within property, in terms of commercial real estate property, did you have enough expertise within your firm to be able to be satisfied that, specifically for commercial real estate property, that those people have enough experience?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Were they experienced enough?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: In terms of, of IAS 39, you spoke about it earlier, Mr. Dobey, can I just read some quotations from, from evidence that has been presented to us previously? And I'm going to make a statement and I'm going to ask you to comment upon that afterwards. In terms of IAS 39, does that mean that the "audited financial statements no longer had to comply with the true and fair view standard" and the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Yes. I'm going to qualify that now, Chairman. In evidence, Mr. Donal Forde, when asked, "Did you understand the flaw in [the] standard when it was introduced?", he replied, "I had a view that it wasn't an appropriate formula". That view was held by all the senior people in AIB. Subsequently, in Mr. Eugene Sheehy's evidence, he stated, "It's a totally nonsensical accounting standard from a...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Okay. Mr. O'Rourke, in your opinion, did KPMG feel it was the right standard to adopt, IAS 39?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: In Donal Forde's evidence, also, previously, when he was asked, "Did you express that view to anybody?", about the standard, he replied, "It would have been a point of discussion with our external auditors", and I continue, in Michael's Buckley's evidence, when asked did he recall expressing these concerns to the regulator he stated, "A lot of these discussions we would have had with the...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: AIB?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Mr. Buckley, did you have any contact with the Financial Regulator about the implementation of ... of the standards?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: One of the other issues that you touched upon, I'm not sure which of you touched upon the going concern that the business would be trading in 12 months. Was there any time that any of the firms that you were auditing were not going to meet that going concern threshold?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And can I ask Mr. O'Rourke, were you satisfied that you had access to accurate information which enabled you to discern the full financial position of the group at all times?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And in terms of within the financial sector in general, the cross-collateralisation of security and loans, some of the banks didn't know exactly who had what loans where and the securities were mixed up and took quite some time to resolve. If they didn't know, how did you know?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Tell me, within your firm did ... KPMG were the auditors for some of the 30 major developers. Was there a potential conflict of interest?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: In terms of what changes, if any, to the auditing process should be taken to enhance the current approach, what would you recommend?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And finally, you said KPMG audited PostBank, HSBC, Defpa, INBS, AIB, EBS at one stage or now ... sorry ... currently, PTSB and BOSI at one stage also. Did you always ensure that there was no crossover in teams? And then if somebody was moving from one bank to another bank, was there a cooling-off period before they went in or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: But had a lot of banks?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: Was there?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Michael D'Arcy: And is that appropriate?