Results 17,261-17,280 of 26,053 for speaker:Kieran O'Donnell

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

Kieran O'Donnell: Chairman-----

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

Kieran O'Donnell: But the question I have, Mr. McDonnell, is based on the fact that €3.5 billion of taxpayers' money went in to Bank of Ireland within a relatively short few months, in hindsight now do you believe the accounts showed a true and fair view at 31 March '08?

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

Kieran O'Donnell: Okay. Can I move on from that? In terms of your analysis of risk, the issue in terms of auditing is materiality. So how do you define "materiality" Mr. McDonnell?

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

Kieran O'Donnell: Mr. McDonnell, in the limited time I have, what-----

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

Kieran O'Donnell: -----what would be the percentage of materiality based on ... give a benchmark, what ... did you change-----

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

Kieran O'Donnell: €70 million to €50 million?

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

Kieran O'Donnell: On a particular item?

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

Kieran O'Donnell: Did you adjust that materiality when the crisis hit in '07 and '08, to take account of risk?

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

Kieran O'Donnell: Did you change your materiality when the risk period came?

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

Kieran O'Donnell: At all?

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

Kieran O'Donnell: Why not, considering the risks?

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

Kieran O'Donnell: Can I move on to the item? The level of audit fees that you would have earned from the audit, Mr. McDonnell ... was the ... in 2008 you got €4.9 million and overall you got €10.8 million from Bank of Ireland. Was that your highest audit fee?

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

Kieran O'Donnell: In 2008 PwC received €10.8 million-----

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

Kieran O'Donnell: It's the external auditors' fees by institution 2004 to 2010.

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

Kieran O'Donnell: We were provided with it by ... it's a sheet given to us by the secretariat, Chairman.

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

Kieran O'Donnell: So the question really I have is twofold. Number one - in 2008 the €10.8 million, which was the total fee - €4.9 million for the audit and €5.9 for the non-audit - was that your highest single fee? And, secondly, from a ten-year period up to 2009 it's reported that, between audit and non-audit income, you got over €100 million for Bank of Ireland and about ......

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

Kieran O'Donnell: Or not.

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

Kieran O'Donnell: Or not.

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

Kieran O'Donnell: Yes.

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

Kieran O'Donnell: Correct.