Oireachtas Joint and Select Committees

Wednesday, 20 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John McDonnell:

I don't believe there was a concern about the impact IAS 39 would've had on a financial crisis. I don't believe there was a concern discussed in that manner. I think what we were trying to ascertain was how the accounting standard worked, the basis for which the accounting standard was brought in, which was to address other issues in the marketplace, and ... and that's what we looked at.

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