Results 4,341-4,360 of 6,295 for speaker:Michael D'Arcy
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Can I ask on the very last page of that page 10 of the terms and conditions. The area that I want to pursue you upon, Mr. Davitt, "It is critical to understand that our instruction was to provide a considered commercial review of material provided, and not to carry out a due diligence exercise."
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Page 10.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: So it is the second paragraph on page 10. Would that be a standard term and condition for a project of this type? This was a PwC, it was a €5.5 million contract. Jones Lang LaSalle were participating with PwC in this. Would that be a standard term and condition?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: That would be standard. Just to take the information provided by the bank and effectively accept that as 100% accurate.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: That is the question I'm putting. It is standard, you're telling me, that they take the information provided by a bank, even though the analysis is to ensure that the banks were solvent and you're telling me that that is standard practice. The information that the auditors are being given and are being requested, that they just take it and run with that information provided by the institution.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: You're welcome, gentlemen. Mr. Cullen, you're the senior person in Deloitte. You didn't have audit responsibilities, is that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Did you listen to what contrarian views were saying from that period, early noughties onwards? Did you think there was any store in anything that they were saying or did you just dismiss their views entirely?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: And did your international colleagues question anything that was coming in relation to the banking sector in Ireland? Ulster Bank were involved in some of the largest commercial real estate deals in the State. The scale of those deals, the size of them, did anybody say that these were in any way ... that the appropriateness of the risk was appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Were you surprised at the scale of the recapitalisation costs that were required from the RBS Group, with Ulster Bank at around 3% and less of the entire group taking one third of the moneys that came from the British taxpayer for Ulster Bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Were you surprised at the size of them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Mr. Fitzpatrick, you said that it was unforeseen what came down the tracks internationally. In Simon Carswell's book Anglo Republic, I can't remember the exact page but I think it was page 57, he said that Mike Soden said that if liquidity ... if a liquidity crisis occurred, that Anglo were sunk. He was concerned about a liquidity crisis and he left Bank of Ireland in summer 2004. Can I...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: -----in the Irish sector?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: In terms of the firm's annual audit plan and the risk assessment underpinning it, did the risk assessment approach adopt a change to meet the prevailing challenging environment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: And in 2004 Mr. McCarthy and Mr. Torpey came from First Active?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Did the firm conduct their own independent assessment of the bank's credit risk methodology to satisfy the principles process adopted by the bank?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: On the booklet, Deloitte Vol. 1, page 55 ... excuse me.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: It's a memo from Ruth Carroll from Deloitte to Martin Reilly from Ulster Bank. On the last paragraph-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (13 May 2015)
Michael D'Arcy: Oh sorry, yes, sorry, okay. In terms of the last paragraph, I'm not going to read it out, because I don't have time, there's a-----