Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. We've heard from Professor Eamonn Walsh before the committee previously and he talked about the IAS 39 which we ... we've examined in ... in detail here at this committee. Professor Walsh also said in his evidence, it's on page 7 ... 478, and I'm going to quote it, so just for your benefit, he said:

One could have a disclosure which says the impairments are low, the profits are high, and loans have been made which could go bad quite quickly. A disclosure could be made to investors which states that loans may get into difficulty despite the fact they are not reflected in the balance sheet or the income statement.

Did this happen in practice?