Gerry Horkan (Fianna Fail) | Oireachtas source

I accept that. I am not sure that everybody watching this would be as familiar with what is going on, but there is a difference between accounting standards and company law. Accounting standards are the rules that the bodies implement and one would expect them to try to adhere to company law at all times. Accounting standards are not law, however. Is the problem with IAS 39 or with some bit of company law? Is Mr. Butler arguing that the IAS 39 standard that came from America or was used in America, which is not approved by the European Union, is the problem?