Oireachtas Joint and Select Committees
Thursday, 20 September 2018
Public Accounts Committee
National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
9:00 am
Mr. Brendan McDonagh:
-----that we could not take in under the previous accounting rules IAS 39 and that was around €360 million.
When we moved to IFRS 9 on 1 January, we had to make an adjustment called a transition adjustment from IAS 39. We recognised approximately €160 million on that. That goes straight to reserves as a day-one adjustment.
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