Professor Eamonn Walsh:

This refers to the change from Irish accounting rule, the Irish GAAP, to international accounting standards in 2005. The old rules had something for expected provisions for losses, the new rules did not. There was a small change for the large banks, probably approximately €100 million in the provisions as a result of this. This would have been entirely transparent to the users of financial statements. It would also have been entirely transparent to the Financial Regulator and the Financial Regulator adjusted capital requirements for loan to value, for home mortgages and stated part of its reason for doing so was these new rules. The whole process was completely transparent.