Oireachtas Joint and Select Committees
Wednesday, 9 September 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Aidan Walsh:
The provisions at the time were based on loans that had gone into default. There were no expected future losses for loans that had not gone into default booked and that was in accordance with the accounting standards at the time. So the provisions was based on default ... loans in default rather than an economic view or judgment in relation to what might transpire over time.
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