His voice is part of a chorus of criticism against mark-to-market accounting, which forces Banks to value assets at the estimated price they would fetch if sold now, rather than at historic cost.

In addition, the damage costs to both private and public assets (excluding houses) were estimated to be around USD 400 million.

The estimated useful lives and amortisation method of the intangible assets with finite useful life are reviewed, and adjusted if appropriate, at each financial year-end.