Results 6,001-6,020 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: You made a statement, Senator.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: I just have a few moments there if you want take ... I think it's No. 14, okay. I'll just take one question in that regard. It's did KPMG ever review loans that were outside the lending policy? This would be kind of the exceptions to loans or lending policy loans. Did it ever, in its engagement with AIB, find itself in that space?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay. So what I'm simply asking there is as part of your audit process, did you ever end up in a position where you were reviewing loans that were outside lending policy? These are the exceptions to lending policy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay. And did you have any concerns with these exceptions to lending policies and the level of exceptions?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: So, who were they reported to and how where they then addressed?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Were the exceptions in a particular area? Were they in construction or were they in business investment or where were they?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: So, it would have been a broad construction, property sectoral area?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay, thank you.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Oh sorry, I missed it. Can I take in Deputy John Paul Phelan please?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: With that said, I now propose that we take a break. The witnesses are reminded that, once again, once they begin giving evidence they should not confer with any person other than their legal team in relation to their evidence or matters that are being discussed before the committee. And with that in mind, I now suspend the meeting until 4:35 p.m. and remind the witnesses that they're still...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: I'll propose that we go back into public session. Is that agreed? Agreed. Okay, so with that said, I call on Deputy Eoghan Murphy. Deputy.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Thank you very much, Deputy Murphy. Just in follow up to Deputy Murphy and either Mr. Dobey or Mr. O'Rourke can answer this. Do you feel that due to the lack of one system as we have just been discussing that there was any material information gaps that might have helped you as an auditor to get a clearer picture of the AIB accounts?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: In an earlier response to Senator D'Arcy, Mr. Dobey, you stated that AIB knew what securities they had. Did they know what securities they had that would not register for more than 90 days from your examination?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Was KPMG aware of this?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: In relation to the loan concentrations, Mr. Dobey, you stated that in 2008 it was considered as an issue re the going concern concept, in response to Deputy Phelan that in 2006 you revised your audit schedule to address the increase in concentration of property lending. Should this not have been a concern in the going concern concept as well? We were talking about 2008 but in 2006 these...

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: That would have been the view held by both the auditor and the bank, yes, at the time?

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Okay, thank you. Deputy Michael McGrath.

Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)

Ciarán Lynch: Thank you, Deputy McGrath. And, just, Mr. Dobey, in relation to your engagement with Deputy McGrath around the 2007 accounts, there does seem to be a ... maybe a divergent view there. I would invite you with the choice to come back to the committee if you want to further examine that with further information.