Oireachtas Joint and Select Committees
Wednesday, 28 January 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor Edward Kane:
That is right. The issue is that all these rules or principles for recognition, itemisation and valuation which I was talking about are discretionary. If a firm is strong, it may not engage in any exploitation of these loopholes. However, if it is a troubled firm, it will and, in many cases, it will push it beyond the legal limits of what can be done to hide losses and it will turn out to be a criminal representation or fraud.
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