John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I will refer to what we will call an accounting loophole. Chartered Accountants Ireland has confirmed that it allows banks to conceal losses while its counterpart in the UK has admitted that the same loophole is contrary to European company law. There was reported an article in theFinancial Timesby Matthew Vincent on 7 May, which shows that the Central Bank of Ireland relied on this flaw. There was a similar article by Niall Brady inThe Sunday Timeson 31 May covering the same issue. Why has the Central Bank not challenged the facts as presented in these articles? Should it not do so to allay public fear or to ensure public understanding and to give the public a better grasp of what is going on?