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Lord Lawson condems the present accounting regime for banks

In the Irish Times: ON JANUARY 1st 2005 the European Union imposed accounting rules on Irish banks containing a significant but simple flaw that had an impact on the fatal decision by the Irish government in 2008 to give Irish banks a blanket guarantee. via Bad loans were legally hidden as Lenihan made pledge. And writing in the FT, Lord Lawson says: The auditing of banks’ accounts, however, is fundamentally flawed in itself. The IFRS accounting system itself has proved […]

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