Mr. Cormac Butler:

When we brought this matter to the attention of the Minister for Finance, Deputy Donohoe, he referred us to the Irish Auditing and Accounting Supervisory Authority, IAASA. The problem with the IAASA and the Office of the Director of Corporate Enforcement, ODCE, is that they are of the view that one can delay the recognition of losses under the accounting standards or the law, but that interpretation is incorrect.

If a person says to the ODCE or the IAASA that he or she has a problem and that person wants to clarify whether those bodies think it is legal to delay the recognition of losses, if the bodies say "Yes", they will have a problem because of the AssetCo v. Grant Thornton LLP case. If they say "No", they must investigate instances of assets being sold to vulture funds.