Oireachtas Joint and Select Committees
Thursday, 14 December 2017
Public Accounts Committee
2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation
9:00 am
Mr. Des Carville:
That is correct. This is very important. We negotiate contracts with service providers, for example, investment banks. Let us use that as an example. It is a good example because it is similar to hiring an accountancy firm such as KPMG. If we agree certain terms and conditions for a specific contract, it could become a race to the bottom if that contract was publically available. The next investment bank or service provider coming to us would look for those terms and try to chip on those terms again. I am not convinced that is in the interests of taxpayers.
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