How should the term "updated” referred to in Article 36(6)(a) of Directive 2014/59/EU (BRRD) be interpreted?
Article 36(6)(a) of Directive 2014/59/EU (BRRD) states that “The valuation shall be supplemented by the following information as appearing in the accounting books and records of the institution or entity referred to in point (b), (c) or (d) of Article 1(1): (a) an updated balance sheet and a report on the financial position of the institution or entity referred to in point (b), (c) or (d) of Article 1(1) (…)”. What does the term „updated” mean? Updated compared to what? To the book value on the valuation date?
The term ‘updated’ in Article 36(6)(a) BRRD requires the valuation to be supplemented with a revised balance sheet reflecting the value of the institution at the time of the valuation, also in light of the results of the valuation itself.
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