Banking Inquiry to hear from auditors Pricewaterhouse Coopers and Ernst & Young

19/05/2015

The Oireachtas Banking Inquiry will continue its Nexus Phase public hearings with external auditors tomorrow, Wednesday 20th May 2015 when it meets with Ronan Murphy, Senior Partner at Pricewaterhouse Coopers; John McDonnell, Partner at Pricewaterhouse Coopers; Paul Smith, former Managing Partner Ernst & Young; and Dargan Fitzgerald, Audit Partner Ernst & Young.

During the Nexus Phase the Committee is engaging with institutions and individuals who had roles relating to the crisis. It is focusing on three broad elements — Banking Systems & Practices; Regulatory and Supervisory Systems & Practices; and Crisis management systems and policy responses — and how these three elements interacted with each other.

The schedule for hearings is:

Session 1: 9.30 .m – 1 pm

Ronan Murphy, Senior Partner PWC & John McDonnell, Partner PWC

Session 2: 2.30 pm – 6 pm

Paul Smith, former Managing Partner EY & Dargan Fitzgerald, Audit Partner EY

Chairman Ciaran Lynch TD said: “Tomorrow we will continue our hearings on the role of external auditors to the banks when we will hear from Ronan Murphy, Senior Partner PWC; John McDonnell, Partner PWC; Paul Smith, former Managing Partner EY; and Dargan Fitzgerald, Audit Partner EY. They are being asked to give evidence on the following lines of inquiry: the integrity of financial reporting; the appropriateness of property-related lending strategies and risk appetite; the capital structure and loss absorption capacity; the liquidity versus solvency debate; and adequacy of the assessment and communication of both solvency and liquidity risks in the banking institutions and sector.”

Nexus Phase hearings will run until the middle of September with a total of 64 public hearings planned. It is envisaged that at least 60 witnesses will be called to the public hearings.

Deputy Lynch said: “This phase of our hearings includes a move by the Committee to compelling witnesses and statements and the use of evidence. Under the witness management protocol, there will be a structured witness engagement with a seven week lead-in between the notification and the public hearing. The protocol includes timescales, evidence books and technical briefings.”

Further information on the Oireachtas Banking Inquiry can be accessed on this website. Full committee proceedings will be webcast live on this website, while Oireachtas TV will broadcast proceedings from 9.30am-6pm.

Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.

All media enquiries in relation to the Oireachtas Banking Inquiry should be addressed to:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551

All general enquiries should be directed to the Committee Secretariat.

e. contactbankinquiry@oireachtas.ie
t. +353 1 618 3651

Committee Membership

Deputies

Ciarán Lynch (Chairman)
Pearse Doherty
Joe Higgins
Michael McGrath
Eoghan Murphy
Kieran O’Donnell
John Paul Phelan

Senators

Sean D Barrett
Michael D’Arcy
Marc MacSharry
Susan O’Keeffe