Results 10,741-10,760 of 14,090 for speaker:Marc MacSharry
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Thanks very much, welcome gentlemen and thanks for being here. Can I ask at the outset who regulates KPMG?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: So who was regulating this, sorry?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And did they ever specifically review your audit, say, of financial institutions?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay, that's interesting. Can I ask, of the issues that have been highlighted, has there been lessons learned ... from the, you've got the report from CARB from the look at your 2008 and 2007 audits of AIB, in particular, or other financial institutions? And are there lessons, with the benefit of hindsight, that they've raised and that you've taken action to remedy?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And all firms, to your knowledge, were subject to these reviews, were they?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay. Can I ask ... the 2007 and 2008 financial statements were audited and provided an unqualified independent audit opinion. So in hindsight, would you provide those opinions and the accounts as a true and fair view, with the benefit of hindsight?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay. In a property construction loan portfolio of 3 November 2008 report to the audit committee, it states and quote: "there has been a significant deterioration in the quality of the Property and Construction loan portfolio".
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Sorry, I meant to ... so I'll let you get it there first. That said, just quoting, "there has been a significant deterioration in the quality of the Property and Construction loan portfolio", continued later, "Given the concentration of advances to the Property and Construction sector in the [Republic of Ireland] division, we are carrying out extensive loan review procedures on this...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay, that's because we had no clear market at the time, is it or not?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: When ... you said that in most instances you were happy with the valuations. Were there instances of any large ones that you were unhappy, that looked-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Did you ever come across a situation where you felt that the valuations weren't being provided?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Did KPMG ever review AIB's process for the registration of mortgage securities?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And this practice in the market, did that have a foundation in law or regulation?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: But it was taken as given that if, as you put it, a top tier firm were to say "Leave it to me", then the practice was that was accepted as gospel.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And in 2008, for example, would there have been a large amount of these?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: And just to the best of your recollection, would that project have gone back over six months, a year, five years, ten years?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: So recent, as opposed to historic?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Does this practice still exist?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Marc MacSharry: Okay. In regulation or in-----