Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I recently submitted a raft of parliamentary questions and correspondence with State agencies about the amount of money various State agencies and local authorities have on deposit. I estimate there could be up to €3 billion on deposit in hundreds of accounts throughout the country. These are public accounts and I will not read all of the figures into the record but, for example, the National Transport Authority has almost €19 million on deposit, the Railway Procurement Agency has €45.8 million, Bord Iascaigh Mhara has €3 million and Bord Bia has €5.2 million on deposit. A very significant amount of money is gifted to the State agencies by these Houses when we pass budgets, yet there does not seem to be a consistent policy on treasury management across State agencies. In local authorities, which do not directly fall under our remit, the situation is more worrying. The latest figures available for deposits date to the last day of 2010. Local authorities do not have more up-to-date information provided to the Department of the Environment, Community and Local Government.

This is not to be critical of State agencies for having deposits. There may be good reason that they should and some may use them for wages and the like. However, there is a great inconsistency in the level of deposits held by agencies carrying out similar tasks. The does not seem to be a treasury management structure and there does not seem to be national guidelines on interest rates, the action people should take and the ratio of deposits that is appropriate. The Committee of Public Accounts should correspond with Accounting Officers and ask each of them to provide us with information on the level of deposits in each State agency that falls within their remit. When we look at the information, we should then consider interacting with the NTMA. This could amount to €3 billion in hundreds of accounts with no plan, no strategy and with different interest rates. It is being carried out on an ad hoc basis with each agency making individual decisions. It is a substantial sum of money and it will surprise people when they look into the detail of it. I propose asking each Accounting Officer to account for the State agencies and the levels of deposits within their remit.