Results 18,681-18,700 of 27,945 for speaker:Michael McGrath
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Where are you taking that from?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay but that's not the financial statements.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Yes, but I'm talking about the financial statements which are prepared by the directors and audited by yourselves.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: But would it have been open to the directors prior to that new IFRS coming into play in 2007 to disclose in the financial statements the information which was in form 20F, sectoral concentration, essentially? Could the directors have included that information in the notes to the financial statements prior to the 31 March 2008?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: And to your knowledge was there any discussion between the PwC team and the bank about providing that additional disclosure above and beyond the minimum level required in the standards, but in the interests of giving the reader of the financial statements the maximum amount of possible information?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: I think you said earlier on, Mr. Murphy, that PwC became the sole auditor in 1990-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: -----of Bank of Ireland.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: And under the mandatory rotation rules you have to depart that job as such by 2020, is it?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Can you clarify what those rules state at the moment?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Ten years. And, prior to that rule coming into play, was there any rule about-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: No term limit.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Whatsoever.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Okay. If I can finally raise the issue of ... of practice note 19, which Deputy Doherty raised as well. So, this is where it goes beyond the statutory requirement laid down in the Central Bank Act 1989 but where the auditor may in circumstances where it concludes that the matter doesn't give rise to a statutory duty to report but nevertheless feels that in the public interest it should be...
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Not considered at all or-----
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Was there any consideration to the fact that it may be an issue of interest to the regulator that one of the main banks in Ireland had, for example, 44% of its non-mortgage related lending in the basket of property and construction?
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Sure, but you could've decided to.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: Well, if you felt it was in the public interest to bring a matter to the attention of the Financial Regulator ... you could argue that it was in the public interest, and certainly of interest to the regulator, to know that at that time Bank of Ireland's exposure to property and construction was so high. That could, at least, have been considered.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: That's what's laid out in the Act. They're your mandatory requirements.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: This was a key element of your audit ... looking at the loan exposures, looking at the adequacy of the provisions being made, the application of the accounting standards and their impact on the true and fair view of the financial statements. I mean, that's the very essence of the audit that you were doing.
- Committee of Inquiry into the Banking Crisis: Nexus Phase (20 May 2015)
Michael McGrath: I never suggested it was an obligation. It is a "may". So, the question I put was, was it open to the auditors to bring those matters to the attention of the regulator?