230. Deputy Catherine Murphy asked the Minister for Finance further to Parliamentary Question No. 100 of 24 May 2017, if his attention has been drawn to the fact that a bank (details supplied) appears to have changed its interpretation of IAS 39, a standard which was heavily criticised during the recent bank inquiry but was nevertheless used by to hide losses in the past; if the bank has since corrected its interpretation of IAS 39 in order that in the forthcoming prospectus the bank will never value assets at above the value the bank expects to recover; the date the bank altered its views on IAS 39; if his attention has been further drawn to the fact that similar attempts by a bank (details supplied) to exploit IAS 39 resulted in a lengthy court battle which cost the bank £100 million in legal fees and resulted in the bank paying substantial compensation to shareholders; and if he will make a statement on the matter. [26922/17]

Summary

230. Deputy Catherine Murphy asked the Minister for Finance further to Parliamentary Question No. 100 of 24 May 2017, if his attention has been drawn to the fact that a bank (details supplied) appears to have changed its interpretation of IAS 39, a standard which was heavily criticised during the recent bank inquiry but was nevertheless used by to hide losses in the past; if the bank has since corrected its interpretation of IAS 39 in order that in the forthcoming prospectus the bank will never value assets at above the value the bank expects to recover; the date the bank altered its views on IAS 39; if his attention has been further drawn to the fact that similar attempts by a bank (details supplied) to exploit IAS 39 resulted in a lengthy court battle which cost the bank £100 million in legal fees and resulted in the bank paying substantial compensation to shareholders; and if he will make a statement on the matter. [26922/17]

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• Banking Operations

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