BusinessCompany NewsIrish firms ordered to immediately report cases of bank illiquidity

Irish firms ordered to immediately report cases of bank illiquidity

Regulator wants copies of reports of annual reviews in cases where auditor is concerned

The Irish Financial Regulator has instructed large firms auditing banks to
immediately report concerns of liquidity or solvency discovered during their
annual review of Irish banks’ accounts.

The top auditors, KPMG, PricewaterhouseCoopers, Ernst & Young and
Deloitte, have been told to send the regulator copies of reports prepared for
clients that deal with an individual institution’s cash position and funding
profile.

The moves follow concerns with the credit squeeze in the market with
restricted access to cash in the inter-bank market.

Firms were previously told to provide details of items they consider
important, when auditing individual banks.

The latest focus on liquidity is believed to be related to providing
assurance over the soundness of Irish lenders.

Further reading:

Clampdown
on banks ordered by Regulator

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