Oireachtas Joint and Select Committees

Thursday, 7 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Michael Torpey:

Loss, that had occurred. And it has been highlighted on some of the commentaries on the accounting side that anticipated loss, no matter how likely you thought it to occur, we would simply have been failing to comply with mandatory regulations by attempting to provide for that. So it has been highlighted, I know, in quite a number of places, that the effect of those accounting standards, themselves brought in for very good reasons previously-----

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