Results 1,461-1,480 of 4,414 for speaker:Sean Barrett
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Does that tally with your own experience? Did you ever have these discussions with governor Burrows or governor Crowley?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: There is a statement in the Financial Timesof 27 February this year by Caroline Binham. In the UK, critics "of the big four accountancy firms will point to the fact that they gave [the] banks a clean bill of health only months before the onset of the worst financial crisis in a generation." It looks like Mr. Burrows and Mr. Crowley were given the same complacency from their auditors.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: You were also auditing Northern Rock. Wasn't that correct?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Would the collapse of Northern Rock in 2007, including an Irish branch it had here in Dublin ... would that have been the topic of discussion between you and Mr. Burrows and Mr. Crowley?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: But PwC weren't just people. They were the auditors of Northern Rock.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thanks.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thank you, Chairman. The core document pages 59 and 60. No. That states on page 60, "No circumstances have come to our attention, in our capacities described in the schedule attached to this letter, that give rise to a statutory duty on us to report to you under section [s.]47 of the Central Bank Act, 1989." And that document is dated 18 June 2008. Now, under section 47 of the Central...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: And is it a matter of any regret at this stage that you didn't send a report to the Central Bank under that section 47? Or do you still think that the deposits were entirely safe in June 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Would describing the bank at that stage ... and having the dialogue with the regulator, have improved our understanding of what was going on in Irish banking at that time?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Yes, but could you expand on that engagement which we have now? Because the committee has to look at what we do going forward. So we'd be most interested-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Do you meet? How frequently and what do you discuss?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Chairman, could I ask for BOI B1 to be displayed please?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thank you, Chairman. I'm just wondering - and thank you very much, Mr. McDonnell - if these are the kinds of discussed ... it's from a Bank of Ireland document at that ... "ANALYSIS OF THE REASONS WHY THE INSTITUTION RAN INTO DIFFICULTY", and it lists the following items at the end of page 17:[The B of I] issues ... revolved around the:-the absolute quantum of property lending ...... greater...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: It ... it lists issues that are felt to be important in discussing the Bank of Ireland in relation to its rescue - property lending, wholesale markets for funding, greater reliance on securitisation and going into some businesses that they weren't equipped to ... were ... are property lending and wholesale funding ... are they part of the discussions you have with the regulator under the new...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: But would risk include the risk of excessive concentration of lending into the property sector, for example?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: O02300 type: 1 --> Does risk include reliance unduly on wholesale funding rather than deposits?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Thank you Chairman. The signing of the documents by the names PricewaterhouseCoopers, is that anachronism these days? We have had people saying that, perhaps, the individual partners and auditors should be the people responsible. I suppose we don't sign ourselves as Seanad Éireann or Dáil Éireann or Trinity College Dublin. I mean, are we moving towards an area where...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Should there be a disciplinary action against individual auditors?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: On the basis that they are taking more responsibility rather than signing in as PricewaterhouseCoopers, for example.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Sean Barrett: Is the regulation of accountants less strict in Ireland than in the United Kingdom or the United States, where fines have certainly been substantially larger in both jurisdictions?