| English
| Preasráitis
12/05/2015
The Oireachtas Banking Inquiry will continue its Nexus Phase public hearings tomorrow, Wednesday, 13th May when it will meet with external auditors and representatives of the construction industry and valuers.
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.
Tomorrow, the Committee will hear from the former Director General of the Construction Industry Federation (CIF) Liam Kelleher and current CIF Director General Tom Parlon and Chief Executive of the Institute of Professional Auctioneers and Valuers Pat Davitt as it examines the role of the property industry.
It will also start hearings on the role of auditors when it will meet with Pat Cullen, Managing Partner, Deloitte Ireland and Mr Gerry Fitzpatrick, Bank Partner Audit, Deloitte Ireland.
The schedule for hearings is:
Session 1: 9.30 am – 11.30 am
Tom Parlon, Director General, and Liam Kelleher, former Director General, Construction Industry Federation
Session 2: 11.30 am – 1 pm
Patrick Davitt, Chief Executive, Institute of Professional Auctioneers and Valuers
Session 3: 2.30 pm – 6 pm
Pat Cullen, Managing Partner, Deloitte Ireland & Mr Gerry Fitzpatrick, Bank Audit Partner, Deloitte Ireland
Chairman Ciaran Lynch TD said: “Tomorrow we will start our examination of the role of the property industry, developers and valuers before and during the crisis. First of all, we will hear from Tom Parlon, Director General, and Liam Kelleher, former Director General, of the Construction Industry Federation. After that we will meet with Patrick Davitt, Chief Executive, Institute of Professional Auctioneers and Valuers.
“Among the issues we will consider with Mr Parlon and Mr Kelleher are the appropriateness of the macro economic and prudential policy and the appropriateness of the relationships between Government, the Oireachtas, the banking sector and the property sector. We will also discuss the establishment, operation and effectiveness of National Asset Management Agency with Mr Parlon. Patrick Davitt will be questioned on the independence of the professional advisors in valuing property assets and the appropriateness of the relationships between Government, the Oireachtas, the banking sector and the property sector.
“In the afternoon we will start our hearings on the role of external auditors to the banks when we will hear from Pat Cullen, Managing Partner, Deloitte Ireland and Gerry Fitzpatrick, Bank Audit Partner, Deloitte Ireland. 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 the 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-11am and from 11.30am-12.45pm.
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
