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Pearse Doherty TD cautiously welcomes appointment of independent review of advice not to sue KPMG

7 April, 2014 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has cautiously welcomed reports of the appointment of Eugene F Collins Solicitors to review the advice not to sue KPMG for their role as auditors at Irish Nationwide prior to the bank’s collapse but warned that the review must move swiftly if the Statute of Limitations is not to be activated.

Deputy Doherty said:

“Today’s announcement is long overdue but welcome. The Special Liquidators have been forced to take this route due to pressure from myself and some others. The decision raises questions once more about the suitability of KPMG to carry out the role of Special Liquidators at IBRC given their history at Irish Nationwide.

“Last month, I formally submitted a complaint to the accounting standards body CARB asking them to examine the role of KPMG at Irish Nationwide. I am awaiting a decision on whether they will launch a full investigation.

“This move reflects the reality that the Special Liquidators at IBRC are not in a position to decide whether KPMG should be sued for their role at Irish Nationwide, as Ernst and Young have been sued for their role as auditors at Anglo Irish.

“I have also written to the Special Liquidators and Minister Noonan questioning the accuracy of evidence given by the Special Liquidators at a recent Finance Committee meeting regarding the role Mc Cann Fitzgerald had played as advisor to Irish Nationwide.

“This new review must be thorough and needs to be completed swiftly to prevent the statute of limitations becoming an issue. The terms of reference of the review should be made known.

“I will continue to push Minister Noonan and the Special Liquidators to make sure a truly independent and informed decision is made on whether KPMG have questions to answer about their time as auditors at Irish Nationwide.”

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