If they used the iternational accounting board rules the asset backing would be bit higher. There is no longer ant requirement to write down financial derivatives on a mark to market basis if they are intending to hold to maturity. Ive been sussing this out. This has been the case for 12 months. Id like to query the auditors on this one. Im going on news from Business Week Europe from 12 months ago.
to hit 8c soon, page-12
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