Oireachtas Joint and Select Committees
Thursday, 22 November 2012
Public Accounts Committee
2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
11:20 am
Mr. Eugene O'Callaghan:
It is extremely difficult to do so because of the volume involved and the timeframe over which trading takes place. For example, we just did a review. The Standard and Poor's 500 index moves by 0.07% about 40 times daily and there would be 200 or 300 trades every second on large US individual stocks. Therefore, it is impossible to do a spot check to establish a shaving of such a small amount. Therefore, in order to deal systematically with the issue that arose, the way to deal with it is through the new arrangements we propose to tender.
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