Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

Can I just ... the context ... am I correct in saying that ISA 39 ... from 1 January 2005 was amended in that way because it was felt that financial institutions were effectively smoothing out losses, they were making provisions up ahead and they were effectively smoothing out losses and that ISA 39 ... it still dealt with ... on a discounted cash basis. So, you were still looking at the value of a loan, day one, the market value and then you looked at what the cash flows were like and then you discounted it back to net present value. So, the question I'm asking is, how is that different ... that looks to me like that you are providing losses as well being incurred but also an element of expected losses ...so what is the significant change in ISI 39, that everyone says it's the ... and many people have stated that it's the reason why significant ... sufficient impairment provisions weren't provided?