Professor Eamonn Walsh:

It is difficult without seeing what documentation was available and what work was conducted by the auditors at the time. I agree with the Deputy that there appears to be a disconnect between what was being reported as the amount of loans a bank had and what we know subsequently happened with NAMA where it would appear security was not perfected on these loans and, perhaps, there was a belief there were guarantees but they were inadequate. It is also possible that unanticipated events occurred. This is an excellent line of inquiry. In shedding light on what occurred, it would be a far more interesting line of inquiry than worrying about impairment accounting.