Results 10,721-10,740 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: And for 2008, I mean, was there a marked difference in the preparation and planning for that because of the environment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Can I ask did the firm conduct their own independent assessment of EBS's credit risk methodology to satisfy themselves that the principles-based process adopted by the society were appropriate?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: In 2005 Ernst and Young sent a management letter, it's on page ten of the evidence book, to EBS and it looked at the maintenance of credit quality and the appropriateness of loan provisioning. It said there should be-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Ten. It is only a short reference and I'll be quoting it directly but I'm just mentioning it for you. "Should there be a default on a loan, there is an additional risk that the collateral securing the loan is insufficient." It later says in the same letter, "Our controls testing focused on the credit review process and the role of the Credit Risk Committee in assessing asset quality and...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Page ten is blank so it's the one beside it.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: But it starts on the page before that again, so sorry. But I've quoted the relevant points precisely so it's only for the Chairman's benefit. How significant did Ernst and Young at the time believe that the risk of insufficient collateral to EBS?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: So I mean if ... in that management letter, if you believe there was insufficient collateral potentially, why would the firm state that the credit review process is robust and there are suitable controls around the process?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Can you confirm that CARB and IAASA regulate your firm?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Has your audit activity of financial institutions been reviewed by them?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: We know. With respect, it's just that I have a minute left.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: No bother, it's just we have gone through this with all of the others. No disrespect but we know the organisations.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: So if ... you've had reviews of your audit work in that regard. Has there been any adverse findings?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Ever asked by a client that you're auditing, from a financial services perspective, to alter or remove a member of the audit team?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: It's consistent with questioning of the other auditors from the other ... a very specific line was dealt with, with other auditing firms.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: But I'm not mentioning any names and I presume you won't.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Were you ever asked by a client firm to alter or remove the auditor or member of an audit team?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: No, they did, and what you didn't allow, Chairman, with respect, and you can check the record, was the naming of the institution. The question was answered. Where there was a delay in a question was very specifically to do with me asking was it a particular company and at that point you intervened.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: I am not mentioning any financial institution, I'm asking were there ever financial institutions who may, in the course of your work, have made an approach to you to say, "Could you remove part of the team for being over enthusiastic in their questioning or efforts"?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: Just very finally then, there's ... I think it's the very first page in the evidence book, would it be page 3, it's a note ... a file note by Kieran Kelly following a meeting with the CEO of the society and it mentions a number of things. One of the things it mentions, as a concern, is a credit shock. Obviously, this would have been a lot earlier than the ... it would have been 7 February...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Marc MacSharry: It certainly didn't form the basis of any discussion, or did it, from that date to your knowledge, up until the credit crisis with the collapse of Lehman's in September 2008?