Results 17,361-17,380 of 26,053 for speaker:Kieran O'Donnell
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Okay, the second question is: if the guarantee wasn't in place in relation to 54, would you have qualified on a going concern basis your audit opinion of in respect of the 2008 accounts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: You gave an emphasis of matter in respect of 2010 accounts when the guarantee was lapsed-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: No, but you gave an emphasis of matter in respect of the 2010 accounts because the guarantee had lapsed, so the question I'm going back: in the 2008 accounts, would you have qualified the accounts on a going concern basis if the taxpayers' guarantee in respect of the banks was not in place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Well, I'm reading from Mr. Terence O'Rourke's witness statement, "In respect to financial statements for 2007, when the general bank guarantee had expired and all the previous assurances from Central Bank" - you gave an emphasis of matter.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: But, ultimately, from a going concern basis, do you think, looking back now, that you would have qualified these statements on a going concern basis for the '08 accounts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: If the guarantee wasn't in place?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: But it would have made your work as an auditor more uncertain ... yes. Can I just go back to IAS 39 and I just want to clarify a point? Is it ... can you just go through the procedure by which ... under IAS 39, am I correct in saying that you measured the value of the loan based on its carrying value measured against the future cash flows coming in towards it? The question I'm asking, how...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: I suppose the point really, in the limited time I have, Mr. Dobey, right-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Thank you, okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Sorry, I made ... yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Thanks, Chairman.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Just really what I want-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: The question really I suppose I want to clarify is that IAS 39 is being put out that it's about ... that you could not reflect potential ... possible future losses and that there was a weakness in IAS 39. The question is, by the measurement of looking at future cash flows coming in against the carrying value of the loan and using the future cash flows based on net present value, would that...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: And what would determine ... what would be the circumstances in which ... define when a loan ... when you would regard a loan as impaired under IAS 39.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Well, just in layman's terms.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: And what would you classify as a default?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: So, if you were to look into the future, we'll say, and you'd a particular loan and they were servicing the loan at that moment in time, but when you looked into the future you took the perspective, based on the environment that was coming down the tracks, that they would not be able to make the payments in a year's time-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: -----under IAS 39, could you reflect that as an impairment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: What's IBNR?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (14 May 2015)
Kieran O'Donnell: Yes.