Oireachtas Joint and Select Committees

Thursday, 7 March 2013

Public Accounts Committee

2011 Appropriation Accounts and Annual Report of the Comptroller and Auditor General
Vote 6 - Office of the Minister for Finance
Chapter 1 - Financial Outturn for 2011
Chapter 2 - Government Debt
Chapter 3 - Banking and Insurance Measures
Chapter 5 - EU Financial Transactions

1:10 pm

Photo of John McGuinnessJohn McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

The openness of the Department is one of the things that Deputy Ross raised and I want to address it. A greater openness does exist than previously. With regard to his question, he encouraged it to attach to the table contained in the report, given by the Department this morning, some names of its senior people so that we know who is reporting to whom. One does not want to get into names of people at middle management downwards. Such a measure would give a greater openness. I wish to add to his request. The Department should do the same because it is moving in that direction. I want it explained, in terms that can be understood by the public, exactly what debt and repayments we will be faced with. That figure will help us to understand. Regardless of what happens between now and 2015 our debt repayments will range between €8 billion and €10 billion. The historical situation meant that we were tied into an interest rate which was fixed.

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