Publication statements 2009

Public statements 2009

• Extension to Anglo Irish Bank investigation

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  28/07/2009 13:29:00

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  The Complaints Committee of the Chartered Accountants Regulatory Board (CARB), the body established by the Institute of Chartered Accountants in Ireland (ICAI) to regulate its members, has approved the extension, on 22nd July 2009, of the facts and matters involving Anglo Irish Bank plc to be inquired into by Mr. John Purcell, Special Investigator.

  The additional facts and matters which are now also to be the subject of investigation by Mr. Purcell are:

  The role, if any, of Mr. Sean Fitzpatrick and/or Mr. David Drumm and/or Mr. William McAteer in relation to the management of certain loans made to a number of senior personnel in Anglo Irish Bank plc in 2008.

  The extension of the facts and matters to be inquired into follows the determination of the Complaints Committee on 16th March 2009 that the issues under consideration gave rise to questions of public concern in accordance with Bye-Law 71 of the ICAI Bye-Laws.

  Extension to Anglo Irish Bank investigation

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• Chris Gibson becomes CARB Chairman

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  27/06/2009 12:55:00

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  The Chartered Accountants Regulatory Board has announced that Chris Gibson is to become Chairman of the Board from July 1st next.

  Mr Gibson succeeds Liam O’Reilly who indicated his intention to step down from the position in the Board’s Annual Report published in April following completion of his term of office.

  Chris Gibson is a former Chairman and Managing Director ICI in Ireland, was the first Commercial Director of Irish Fertiliser Industries Limited and was Managing Director (UK) of Golden Vale. He is a past Chairman of the CBI in Northern Ireland and has just completed a 9 year term as Pro Chancellor of Queens University Belfast.

  Commenting Chris Gibson said
  “Enormous credit is due to my predecessor Liam O’Reilly who has led the board from its inception to today. Undoubtedly in a world of financial turmoil, the public have a right to demand the highest standards in processes carried out for both their and the professions protection. The work of the Board and its committees will be subject to close scrutiny in coming months. That is as it should be. Our role is to enhance confidence in Chartered Accountancy and Chartered Accountants by administering a rigorous but fair regulatory system consistent with our public interest mandate.”

  Chris Gibson becomes CARB Chairman

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• Further appointments for Purcell

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  25/03/2009 14:07:00

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  The Complaints Committee of the Chartered Accountants Regulatory Board (CARB), the body established by the Institute of Chartered Accountants in Ireland (ICAI) to regulate its members, has announced the further appointment, on 16th March 2009, of Mr. John Purcell, former Comptroller and Auditor General, as its Special Investigator into additional matters involving Anglo Irish Bank.

  In February CARB announced the appointment of Mr. Purcell as Special Investigator into the issues concerning directors’ loans and other matters at Anglo Irish Bank, to investigate possible breaches of ICAI Bye-Laws and rules of professional conduct by its members/member firms.

  The additional matters which are now also to be the subject of an investigation by Mr. Purcell are:

  • Certain deposits made by Irish Life & Permanent plc (“IL&P”) through its subsidiary Irish Life Assurance (“ILA”) with Anglo during 2008, and in particular during September-October 2008, and actions taken in relation to such deposits and the treatment of same in the accounts/financial statements of Anglo and the reporting of same to the Financial Regulator and the purpose of same (and the subsequent resignation in February 2009 of Mr. Peter Fitzpatrick, Group Financial Director of IL&P, a member of the Institute);
  • The alleged provision during 2008 of loans of €451 million to 10 customers of Anglo in order to buy a number of the shares in Anglo held indirectly by Sean Quinn;
  • And the role, if any, in relation to the aforesaid transactions of Mr. Sean Fitzpatrick and/or Mr. David Drumm and/or Mr. William McAteer, each being a director of Anglo at the relevant time and a member of the Institute (Mr. Fitzpatrick and Mr. Drumm having resigned from Anglo in December 2008 and Mr. McAteer having resigned in January 2009)
  • The performance of the Bank’s auditors, Ernst & Young, a member firm of the Institute, of their role in connection with the audit of the financial statements/accounts of Anglo in relation to the aforesaid transactions.

  Mr. Purcell will also investigate:

  • Certain deposits made by Irish Life & Permanent plc (“IL&P”) through its subsidiary Irish Life Assurance (“ILA”) with Anglo during 2008, and in particular during September-October 2008, and actions taken in relation to such deposits and the treatment of same in the accounts/financial statements of IL&P and/or ILA and the reporting of same to the financial regulator and the purpose of same and the subsequent resignation on the 13th February 2009 of Mr. Peter Fitzpatrick, Group Financial Director of IL&P, a member of the Institute
  • The role, if any, in relation to the aforesaid transaction of Mr. Peter Fitzpatrick, Mr. Fitzpatrick being a director of IL&P at the relevant time and a member of the Institute

  The appointment of a Special Investigator follows from the determination of the Complaints Committee at its meeting on 16th March 2009 that the issues under consideration gave rise to questions of public concern in accordance with Bye-Law 71 of the ICAI Bye-Laws.

  Further appointments for Purcell

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• John Purcell Appointment

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  20/02/2009 11:08:00

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  The Complaints Committee of the Chartered Accountants Regulatory Board (CARB), the body established by the Institute of Chartered Accountants in Ireland (ICAI) to regulate its members, has announced the appointment of Mr. John Purcell, former Comptroller and Auditor General, as its Special Investigator into the issues concerning directors loans and other matters at Anglo Irish Bank, to investigate possible breaches of ICAI Bye-Laws and rules of professional conduct by its members/member firms and specifically:

  • (a) Certain loans made by the Bank to Mr. Sean Fitzpatrick, a director of the Bank (and a member of the Institute), and actions taken by him in relation to such loans in the years prior to the disclosure of same by Mr. Fitzpatrick in 2008 and the treatment of same in the financial statements of the Bank and the subsequent resignations of Mr. Sean Fitzpatrick and Mr. David Drumm and Mr. William McAteer, being two other directors of the Bank and each being a member of the Institute; and
  • (b) The performance of the Bank’s auditors, Ernst & Young, a member firm of the Institute, in connection with the audit of the accounts of the Bank in relation to the said loans to Mr. Fitzpatrick in the years prior to the disclosure of same by Mr. Fitzpatrick.

  The appointment of a Special Investigator follows from the determination of the Complaints Committee at its meeting in January 2009 that the issues under consideration constituted a matter of public concern as per Bye-Law 71 of the ICAI Bye-Laws.

  The Complaints Committee is considering separately the involvement of ICAI members in issues raised concerning certain transactions between Anglo Irish Bank plc and companies in the Irish Life and Permanent Group.

  John Purcell Appointment

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• Statement issued by CARB Complaints Committee regarding Anglo Irish Bank

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  22/01/2009 14:13:00

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  The Chartered Accountants Regulatory Board, the operationally independent Board established by the Institute of Chartered Accountants in Ireland to regulate its members, has confirmed that it will be examining the circumstances around the issue of inappropriate Directors loans at Anglo Irish Bank and the role played by any members of the Institute of Chartered Accountants in Ireland. In this process CARB will obviously seek to engage with other statutory regulators and oversight bodies.

  Statement issued by CARB Complaints Committee regarding Anglo Irish Bank

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