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

10:50 am

Photo of Derek NolanDerek Nolan (Galway West, Labour) | Oireachtas source

I want to tease that out a little. According to what I read in the Comptroller and Auditor General's report, the issue with transition 14 was that it was impossible to spot because it was not a traceable amount. It was within the margin of error for the NTMA's performance. The nature of the transaction means that it could not easily be checked or verified. It was not verifiable. The only reason the NTMA found out about it was that it had the good sense to inquire into a media report it had seen and State Street responded to its inquiries. Given that this transition was untraceable, how can the NTMA be certain that the other transitions were done properly?

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