Oireachtas Joint and Select Committees
Wednesday, 13 May 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source
The question I'm really asking Mr. Fitzpatrick, am I correct in saying is the IAS 39 is not strictly about showing the loss when you realise or sell the asset? It's actually about looking at the future cash flows from a loan. And the point I'm making here is, on that basis, surely the provisioning should have been higher by the banks and, consequently, the audit report should have reflected that there was an under-provision.
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