Dáil Éireann Debate, Tuesday - 26 March 2013
193. Deputy Pearse Doherty asked the Minister for Finance , further to his announcement on mortgage arrears on 13 March 2013, if financial institutions will continue to prepare their accounts under international financial reporting standards, and particularly if the requirement to write down the value of certain loans to the value of the underlying security will lead to the necessity for banks to produce two sets of accounts. [14901/13]
View answerThe Central Bank has informed me that its publication on Mortgage Arrears Resolution Targets, which can be accessed on the Central Bank’s website at http://www.centralbank.ie, addresses the use of IFRS standards in the context of MARS targets and on page 16 states: “An entity which prepares their financial statements in accordance with International Financial Reporting Standards (IFRS) is required to comply unreservedly with all of the requirements of those Standards. The Central Bank is conscious that its guidelines in respect of provisioning against impaired loans must be consistent with those standards and is satisfied that the approach to provisioning set out below meets that consistency requirement.”
