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

The final question I have here is in relation to IAS 39, which this committee has heard a lot of over the last number of days. I want to deal with IAS 39, paragraph 43, which allows for the ... I'll just quote it just for the reference: "When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability." That paragraph states that when you recognise a loan that was issued by a financial institution that you would have to recognise it at market value on the first recognition of the loan. Am I correct so far in my interpretation of that? I take your nodding as ... that I'm reading this properly because I'll just go on to the next bit then if that's the case.