Oireachtas Joint and Select Committees
Thursday, 7 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Michael Torpey:
It did present, and will for so long as such rules apply, present a conundrum, that, you know ... accounts have their limitations, and the accounts are a snapshot at a point in time and, as I understand it, because of weaknesses in the previous accounting rules, the rules were made very, very prescriptive in this space, and the flexibility to do other than account on that basis was simply not there. We would have been ... we would have been in breach of the rules and, by extension, in breach of company law, I believe, if we had reported in any other way.
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