The Deputy is aware that I have answered a number of Parliamentary Questions in the past in relation to rules adopted by banks when valuing assets including loans. These rules are determined by the relevant accounting standards and it is the responsibility of the directors of the respective banks to ensure these rules have been properly applied. To provide assurance that this is the case, the proper application of the rules is subject to an annual independent external audit review.
As I have stated in the past, nothing has been brought to my attention to suggest that these rules have not been correctly applied by the banks. Notwithstanding this, should the Deputy have concerns in this regard, he may wish to refer such concerns to the Irish Auditing and Accounting Supervisory Authority (IAASA), the independent body responsible for the examination and enforcement of certain listed entities' financial reporting.
Finally, the requirement for banks to prepare financial statements is laid out in the Companies Acts. The Companies Acts come under the scope of the Department of Enterprise, Trade and Innovation. The Director of Corporate Enforcement has widespread powers and functions in relation to potential breaches of the Companies Acts.