The Irish banks’ financial statements are prepared in accordance with International Accounting Standards and International Financial Reporting Standards as adopted by the European Union. The requirement for commercial banks to prepare financial statements is laid out in the Companies Acts, 1963 – 2013. The Central Bank of Ireland has informed me that it has no role in the enforcement of the Companies Acts. The Central Bank supervises banks through a combination of the review of financial statement information and prudential reporting requirements.
I do not accept the premise of the question that Irish banks have systemically overvalued loans in their published accounts. However the Deputy will be aware that the Companies Acts come under the aegis of my colleague, the Minister for Enterprise, Trade and Innovation. The Director of Corporate Enforcement has widespread powers and functions in relation to potential breaches of the Companies Acts.