One of the key problems for Irish banks, it believes, are International Financial Reporting Standards (IFRS) rules which govern Irish banks’ accounts.
This is now well recognised as one of the main reasons (with others being things like herd mentality, mass delusion, individual self-interest and so on) why Irish banks got it so wrong when it came to predicting their losses.
PwC notes on this matter: “The assessment of loan loss provisions is difficult...
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