Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I would like Mr. Corrigan to comment on a number of matters. The first of these relates to State Street Bank, in respect of which he provided quite a lengthy analysis in his submission to the committee. At the end of January, State Street was found to have committed major transgressions by the UK's financial regulator, the Financial Conduct Authority. When Mr. Corrigan was previously before the committee he stated that, effectively, the activity in which the bank was involved was fraudulent and unacceptable. State Street defrauded the State to the tune of €3.2 million, which was four and a half times the original agreed figure of just under €700,000. This matter arose in October 2011 when the our guests became aware of a particular media report and contacted State Street. That institution appeared to have been continuing to manage a fund on the NPRF's behalf until quite recently. Why was that the case? If the activity in which State Street was engaged was deemed to be fraudulent, why did the NPRF not pull its business immediately? How much money was State Street responsible for managing up until recently and when did the NPRF eventually pull its business? Why did the agency not end its association with the bank over two years ago?