Gerry Horkan (Fianna Fail)
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I thank the witnesses for their opening statements. There are 11 members of the committee and five of us happen to be accountants. I will not be speaking on behalf of any particular body. Rather, I will ask questions relating to the opening statements.

The concept of a true and fair view is fundamental to what accountants are trained to do. A set of accounts is supposed to reflect a true and fair view. How does the suggestion put forward by the witnesses that banks are able to defer and conceal losses and record loans at amounts that are irrecoverable as far as the witnesses or the bank are concerned sit with the concept of a true and fair view?