Results 18,661-18,680 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----2005, 06, 07? Okay.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Can I ask why the financial statements for Bank of Ireland for 2005, 2006 and 2007, for example, would not have provided a breakdown by sector of the loans owed to the bank by customers? So I'm talking about the notes to the accounts, the disclosures by the bank in the financial statements for 2005, 6 and 7, for example, there is no breakdown by sector whereas we have looked at the accounts...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Sure, yes-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: And that came into effect-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----at the end of '07 is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. And prior to then, the level of disclosure was dictated by what?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. And did that set a minimum standard? Was it open to the directors of the bank, for example, to go beyond that and provide additional disclosure in the notes to the accounts?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes -----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. For example, the account to the end of March 2005 in the relevant note, which was 15, dealing with loans and advances to customers, subsection C, there was a reference of concentration of exposure to credit risk. It said: ''Group's exposure to credit risk from its lending activities does not exceed 10% of loans and advances to customers after provision in any individual sector or...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----the new IFRS-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. I suppose, the point I am getting at is that it wasn't until the financial statements for the year ended 31 March 2008 were published, which was May 2008, that a reader of the Bank of Ireland financial statements would have realised the extent of that bank's dependence on the property and construction sector. None of the accounts prior to that gave any information on the bank's...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: But, as you said, the '07 was not prepared in accordance with the IFRS.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----though the directors could have made additional disclosures if they had so wished.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: And that is published, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: And that's published by the bank.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Sure, yes.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: What we're dealing with here essentially is the financial statements which were audited by PwC and it wasn't until the 2008 financial statements that somebody would have seen, for example, that Bank of Ireland had lent over €35 billion to property and construction, which accounted for 26% of all loans made by the bank. Anyone relying on the financial statements prior to 2008 would not...