Results 17,541-17,560 of 26,228 for speaker:Kieran O'Donnell

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.

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

Kieran O'Donnell: He is in default.

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

Kieran O'Donnell: You haven't technically defaulted.

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

Kieran O'Donnell: Sorry, Chairman.

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

Kieran O'Donnell: Yes, yes.

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

Kieran O'Donnell: Okay, thanks, Chairman.