Joe Costello (Dublin Central, Labour) | Oireachtas source

I understand the review undertaken of asset values led to a determination that there was a considerable degree of asset impairment. The value of the write-downs was €32.9 million, as recorded in the 2012 accounts. At the same time, as part of that review, the valuation process indicated that there was a total market revaluation upwards of other assets to the tune of €39 million. While the impairment is reflected in the 2012 accounts, the upward valuation is not reflected in the accounts, even though they more or less cancel each other out. Presumably, that €39 million goes into the public limited company rather than being reflected in the 2012 accounts. It strikes me that the way to conduct the business would be to deal with the impaired assets cheek by jowl, with the assets that increased in value. However, there is mention only of the impaired assets in the 2012 figures. Why is that, given that the survey revealed the existence of productive assets, the value of which had significantly increased?