Oireachtas Joint and Select Committees

Wednesday, 27 February 2019

Committee on Budgetary Oversight

Macroeconomic Analysis and Fiscal Risks: Central Bank of Ireland

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

On the final point, I am not so sure we are doing so well but we will leave that discussion for another day.

I find the table on page 73 quite striking. It indicates that Government net financial wealth fell by €2.3 billion during quarter 2 of 2018 as the increase in liabilities outstripped the increase in financial assets. I am referring to the quarterly bulletin of the Central Bank. It is chart 32. I am curious about it. Could our guests comment on what are the liabilities? What is the significance of the fall in the Government's net financial wealth?

I am connecting it, in my mind, with a policy the Government has pursued in recent years and to which I am strongly opposed. It was touched on earlier. I refer to the sale of large amounts of property-related assets to institutional investors who have moved in on Irish property. The National Asset Management Agency and the banks have sold a large number of properties to them. That makes no sense as these were assets, which generate revenue, were in State hands and could have counterbalanced this. When one looks at the extent to which-----

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