In fact, AIB and Bank of Ireland had been subjected to a more aggressive stress than the minimum set by CEBS in that the first tranche NAMA loss rates were applied to the full developer portfolio in place of the lower minimum loss rates specified in the CEBS rules.
Thus, even though it resulted simply from the time-consuming nature of the NAMA valuation procedures (mandated by the European Commission DGCOM), the need to revise the CEBS result so soon was seen as a negative reputation event both for the Irish and European authorities.