Results 8,181-8,200 of 16,492 for speaker:Ciarán Lynch

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: You mentioned the regulators. In regard to external users, would auditors have obligations concerning risks associated with concentrations of lending limits by banks?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Do external auditors have obligations concerning disclosure of risks associated with concentration of lending by the banks? If there is a particular concentration of lending in an area, does the auditor have a requirement to report that to the regulator?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: We heard from Professor Connor and from others that there were high lending concentration limits within the banks to the property development sector. From your examination of the practice of accountancy and auditing, was there any reporting by auditors to the Central Bank between 2007 and 2008, the period of high concentrations by banks in that sector?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Time, Senator.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: To conclude this session, would Professor Walsh outline the concept of true and fair in the context of opinions of auditors and annual financial statements. What does true and fair mean?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I ask Professor Walsh to revisit the matter as we conclude.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Will Professor Walsh outline the extent to which an auditing firm can be exposed to one financial institution in terms of its business book? Can a firm have 50%, 60% 80% or 100% of its business with one client?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Is it 80%?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: The Deputy has time for a final question.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Will Deputy O'Donnell explain what a qualified opinion means?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Okay. Does Deputy O'Donnell want to-----

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I am holding the clock. I will bring the Deputy back into the time. There is no need for him to be like that.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Is Professor Walsh familiar with the Central Bank’s winter quarterly bulletin 1995 where very clear and specific recommendations were made to external auditors with regard to concentration limits? This was referred to in the Honohan and the Nyberg reports.

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I will not be drawing Professor Walsh on its specifics. I want to get his view of several aspects of it. There is a chapter heading for external auditors, section 3.4, Auditing Irish Banks. It covers sectoral concentration limits, prudential sector lending limits of 20% of a bank’s own funds for one sector, and 250% of a sector, subject to a common predominant risk factor. The...

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: What is Professor Walsh's view on Professor Patrick Honohan's comment that this guideline or rule was a dead letter? Does Professor Walsh have a view on that?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: In chapter 7.18 of his report he concludes the paragraph by saying: "It is fair to acknowledge, however, that experience shows that quantitative credit limits can be circumvented fairly easily". What does Professor Walsh think he means by that?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: Does that mean in regard to the book Professor Walsh brought in to us today, to use Deputy Higgins's theological term, that one can either have biblical or subjective interpretation of Canon Law or religious law? In regard to Professor Patrick Honohan's final comments about being circumvented fairly easily, are the rules in that book subjective or are they determined?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I thank Professor Walsh. Is there anything else he wishes to add?

Committee of Inquiry into the Banking Crisis: Context Phase (25 Feb 2015)

Ciarán Lynch: I thank Professor Walsh for his participation in the inquiry. It has been a very informative and valuable meeting which has added to our understanding of the factors leading to the banking crisis in Ireland.

Written Answers — Department of Communications, Energy and Natural Resources: Broadband Service Provision (24 Feb 2015)

Ciarán Lynch: 613. To ask the Minister for Communications, Energy and Natural Resources if he will consider the matters raised in correspondence by a person (details supplied) in County Cork regarding the provision of broadband services; and if he will make a statement on the matter. [8307/15]