Bank Auditors Appointed to Major Roles in NAMA

[Rich]

The Auditors for the two largest banks in the State have been awarded significant contracts within NAMA. The auditors for AIB, PriceWaterhouseCoopers have been awarded a contract to provide Internal Audit Services to NAMA (http://www.etenders.gov.ie/search/show/Search_View.aspx?id=MAR145036&ln=EN), meanwhile auditors for the Bank of Ireland, KPMG have been appointed as Audit Co-ordinator (Loan Valuation and Associated Services) to NAMA (http://www.etenders.gov.ie/search/show/Search_View.aspx?id=MAR145080&ln=EN). It will be very interesting to see how (or indeed if) they have proposed to handle conflict of interest between these parts of their businesses.

I really hope that this works out.

[johnfás]

As I understand it of the big 4 accountancy firms, only Deloitte did not audit one of the major banks.

All firms down to medium size would of course have some business dealings with the banks on insolvency and other matters.

[Rich]

As I understand it all of the big 4 accountancy firms, only Deloitte did not audit one of the major banks.

All firms down to medium size would of course have some business dealings with the banks on insolvency and other matters.

To me that would be the one to go with then. And you can be pretty sure that they applied.

[Fing Fers]

Here we go again, the same people who got us into this mess are not only getting away with it, they are benefiting from it, mean while here in the real world the rest continue to pay and suffer.

When all these people have sucked up available revenue next up is the justice system, the whole NAMA episode going to tribunal.

[Digout]

Oh sweet F-ing jesus, here we go again. The old buy who caused the mess get to be involved with the cover-up.

This country will never change.

[PaddyJoe]

At least the EU is providing some reassurance that there will be independent oversight of the process:

The terms of last week’s approval include an unwelcome, though not entirely unexpected condition for Lenihan and Nama. Almunia’s office said it would need to be consulted once more when assets were being transferred; it would assess the suitability of each arrangement with individual institutions - with a special emphasis on the price at which their loans would be bought.

This intervention could have far reaching consequences. While banks and investors had attached huge importance to Lenihan’s announcement last September that the average discount would be 30 per cent, Friday’s developments have changed everything.

Lenihan and Nama chief executive Brendan McDonagh may have decided that 30 per cent was appropriate, but it is now clear that the final decision will rest with the commission. The prospect of the discount rising significantly now looms large.

http://archives.tcm.ie/businesspost/2010/02/28/story47641.asp

[Rich]

At least the EU is providing some reassurance that there will be independent oversight of the process:

http://archives.tcm.ie/businesspost/2010/02/28/story47641.asp

As was pointed out to me in "another place", the EU will be requiring an audit ..... by Ernst and Young, the former auditors of ........ Anglo Irish Bank.

[BrendanGalway]

The best analogy Ive heard to explain the last couple of years was Imagining fleeing the Titanic in a lifeboat only to find the Captain and Crew were now steering it as well and telling you to relax, their experience will get you out of trouble.

On it goes.

[Rich]

As was pointed out to me in "another place", the EU will be requiring an audit ..... by Ernst and Young, the former auditors of ........ Anglo Irish Bank.

And they were auditors at Lehmans.

[Baron von Biffo]

http://tryfil.files.wordpress.com/2009/01/magic_roundabout2.jpg

It hasn't gone away you know.

[People Korps]

That brings back torturous memories of RTE 1 in the mid 70s

[Fing Fers]

At least the EU is providing some reassurance that there will be independent oversight of the process:

http://archives.tcm.ie/businesspost/2010/02/28/story47641.asp

Independent, Oversight, Reassurance add anything to the list its no going to change a thing.

Who is going to buy NAMA properties when every Tom Dick and Harry is flat broke, even if some manage to sell what use are they. We are full up, more than enough homes and apartments, more than enough hotels, more than enough retail, more than enough office space, more than enough....

NAMA is a Con job to beat all con jobs, we were milked during the boom, boom is over, miking continues.

[PaddyJoe]

Independent, Oversight, Reassurance add anything to the list its no going to change a thing.

Who is going to buy NAMA properties when every Tom Dick and Harry is flat broke, even if some manage to sell what use are they. We are full up, more than enough homes and apartments, more than enough hotels, more than enough retail, more than enough office space, more than enough....

NAMA is a Con job to beat all con jobs, we were milked during the boom, boom is over, miking continues.

I agree that NAMA is a con job and always was from its inception. Its a scheme to transfer billions of euro from the taxpayer to the banks. The justifications made for it last year have been demonstrated to be lies.
But EU oversight has already changed the original plans for NAMA. The transfer of loans has been delayed until now because of the EU approval process.
Last year the DOF had set the discount on loans to be transferred to NAMA at 30%. The EU has forced changes to this discount
to reflect the risk of potential losses to the taxpayer and higher-than-anticipated costs in recouping money through the sale of security attached to loans, such as property.
It looks like the discount on the loans will be considerably higher because of pressure from the EU.
The EU will also try to prevent market distorsion:

It is also likely to thwart attempts to distort property prices by drip-feeding land on to the market in the years to come.
And the Commission will have a say in the restructuring of the banks including Anglo. If they force the government to finish off that zombie at least they will have done us one big favour.

[greengoose]

Lunatics running the asylum?

[ang]

Property Portfolio Managers announced. A lot of connections with developers on board now.


Another two recruits, Donal Kellegher and Michael Moriarty, are former employees of the Savills estate agency. Mr Kellegher headed up the property firm’s development land division, where he acted for Dublin Port in its sale of the Dublin Glass Bottle site for €412 million in 2006. The loans on that transaction are being transferred to Nama at an 87 per cent discount.

Nothing to see here, move along please.

http://www.irishtimes.com/newspaper/finance/2010/0416/1224268445433.html

[C. Flower]

The Frontline is on the banks' Auditors.

Yes, they messed up.
No, they can't give us our 40 billion back.

[DCon]

The Frontline is on the banks' Auditors.

Yes, they messed up.
No, they can't give us our 40 billion back.

bankers blame the lawyers, lawyers blame the bankers, auditors say they did their job. Solicitor guy said there was insurance for any bad decisions...

[C. Flower]

bankers blame the lawyers, lawyers blame the bankers, auditors say they did their job. Solicitor guy said there was insurance for any bad decisions...

40 billion insurance ??:confused:

[C. Flower]

Of course, if you accepted the enormously inflated values of the property acting as collateral, the banks were adequately capitalised.

[DCon]

40 billion insurance ??:confused:

from this crowd maybe?


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[C. Flower]

from this crowd maybe?



http://www.quinn-insurance.com/business/professional.html


Great! We'll claim it all back from them :)

[ThomasB]

Bank Auditors now auditing NAMA, what a joke !!

But the Joke is on US