Results 1,481-1,500 of 4,414 for speaker:Sean Barrett

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: And has that proactive regime been-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Yes. Has it reacted appropriately to what is a bigger bank collapse in Ireland than in the other two countries?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Thank you very much, Chairman, and thank you, gentlemen. Did the bank's management and board structure impede the provision of good governance within the banks or what impact, if any, did it have?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Just that ... it has 20 years imprisonment and criminal penalties of $5 million. Is that a model that this committee might look at, Sarbanes-Oxley?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: You were talking about the regulator now. Have you any observations on the regulator in the period 2003 to 2008 and in the period leading up to the crisis?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Did you encounter, in doing the sample of loans, any problems of income verification?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Verifying the income of the borrower.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Were there concerns ... just two, if I may, in the wrap-up, Chairman ... were there concerns about Bank of Ireland's loss of market share? Were there concerns when you were doing the audits that a lot of power had been moved from local branches and regions to the centre?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Thank you, gentlemen. Thank you, Chairman.

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Thank you, Chairman, and welcome along this afternoon. Could I ask did you perform stress testing as part of the external audit of the society?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Because, if I may, page 17 of the core document, Chairman, the regulator is concerned at the "high level of approvals that exceeded the affordability guidelines, particularly as this criterion is the one which incorporates stress testing of loan repayments", and it says "see also finding M1", which we don't have. So, was it the wrong kind of stress-testing or why did the regulator bring up...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: But would it have come to the auditor's notice that there was a high level of approvals not within normal guidelines and a quarter, virtually, of the home loans exceeded affordability guidelines? Having in mind what Mr. Smith was saying earlier about a new dialogue between the regulator and the auditors, would these not be things that, going forward, we should actually be discussing to say,...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: I liked your earlier point about improvement points, control points and this kind of dialogue and Mr. Smith's points, but we better move on or our mutual admiration will use up too much of the time. You say on page 11, it's in the fourth paragraph on the right hand side: "We noted that there is a strong risk consciousness in general throughout the Society". But does that not contrast...

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: How do the groups of accountants operate? Again, the dreaded word, does EY Ireland operate as a "silo" or would you have contacts with the other EYs around the world?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: So it's more than a franchise, is it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: When Lehman Brothers collapsed, would you have been speaking with your opposite numbers in New York about what did they feel went wrong in the audit? Because it's been crucial throughout these hearings, the collapse of Lehman Brothers. I'm just wondering if you had any insights into ... from your colleagues in EY New York?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: As I understand Sarbanes-Oxley, there are two things that I might like to ask you about. Individual responsibility, I think, it's as high as 20 years imprisonment for malpractice in auditing and $5 million fines, and separation of auditing from consultancy work. Could you tell us a little bit about those in the little time remaining, please?

Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)

Sean Barrett: Thank you very much. Thank you, Chair.

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

Sean Barrett: Thank you very much, Chairman, and I echo your welcome to our two ex-governors this morning. Mr. Burrows, let me start with you. Mr. Crowley in his statement said "In particular, I do not recall any issues of imprudent lending being brought to a Board by the Executives of the Bank, the internal auditors or the external auditors." Did that happen in your term as governor or would you make...