BNP Paribas SA said Tuesday that provisions it made against losses on its Greek sovereign debt holdings were agreed with auditors and authorities.

The comments came in response to a press report that the International Accounting Standards Board was unhappy with the level of write-downs made by the bank French bank and some other players.

The Paris-based bank set aside EUR534 million against its Greek bond holdings. It has EUR2.3 billion in Greek government bonds that mature before Dec. 31, 2020. Under a Greek rescue plan agreed in July, banks that participate in the bailout will lose 21% of the value of such bonds.

"BNP Paribas has made provisions for its exposure to Greece in full agreement with its auditors and competent authorities, conforming with the plan agreed on July 21," BNP Paribas said.