Oireachtas Joint and Select Committees
Thursday, 26 November 2015
Public Accounts Committee
Bord na gCon Financial Statements 2014
10:00 am
Mr. Michael Murnane:
The €1 million deficit is not a cash loss. Half of it relates to depreciation and the other half relates to a write-down in the pension liabilities or increasing pension liabilities over pension assets. From a cash perspective, it has not disimproved. That materially is what the €1 million is. However, it is not a position------
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