Legislative Measures

Dáil Éireann Debate, Wednesday - 15 February 2017

Wednesday, 15 February 2017

Ceisteanna (286)

Catherine Murphy

Ceist:

286. Deputy Catherine Murphy asked the Minister for Jobs, Enterprise and Innovation ,further to Parliamentary Question No. 187 of 7 February 2017, if she will provide the date that Article 3(2) of Regulation 1606 of 2002 was first amended to allow for the adoption of international accounting standards that delay the recognition of loan losses in view of the fact that the concept of prudence, as defined in Article 31 (c) of Directive 78/660 requires the immediate recognition of losses; and if she will make a statement on the matter. [7465/17]

Freagraí scríofa

Minister for Jobs, Enterprise and Innovation

Regulation (EC) No 1606/2002 was adopted on 19 July 2002. Article 3(2) has not been amended since then.

Article 1(9) of Directive 2003/51/EC of 18 June 2003 amended Article 31 of Directive 1978/660/EEC of 25 July 1978 by replacing the existing text of paragraph (1)(c)(bb) and by inserting a new paragraph (1a).  The new text of paragraph (1)(c)(bb) made no reference to losses. The provisions of paragraphs (1)(c)(bb), as amended, and (1a) of Article 31 of the repealed Directive 1978/660/EEC are now reflected in paragraphs (1)(c)(ii) and (5) of Article 6 of Directive 2013/34/EU of 26 June 2013.