As things move on, it looks as if pressure is mounting for Parliament to have its Second Reading of Steve Baker’s Bill on 10th June 2011.
Ireland is only just waking up to the frightening consequences of IFRS accounting in the midst of its fifth bailout. IFRS means that the Irish Central Bank appears powerless to make its banks produce accounts revealing the sad but true extent of their loan problems.
Ireland’s government now accepts that IFRS requires banks to hide loan losses, i.e. compels false accounting. It is imperative that the UK Parliament swiftly enacts Steve Baker’s Bill to ensure that taxpayers and scrutineers can inspect our banks’ prudent accounts of true capital and profits.
The exposures may be greater than the cost of the first round of bailouts, but we need to know.
This clarifies the importance of the story about RBS reported in Thursday’s Telegraph.