Oireachtas Joint and Select Committees
Thursday, 30 May 2019
Public Accounts Committee
2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2017
Chapter 22 - Irish Fiscal Advisory Council
We are unnecessarily wasting the people's money. The big money is the €306 million. With the appropriate oversight, perhaps a committee of inspection would come out with a detailed report saying KPMG did the best possible job that could be done. I always qualify my remarks about this matter by saying that, but perhaps it would not. In any event, the people are entitled to it. As things stand, I am not even sure there is anyone in the Department of Finance who has the level of detail available to him or her that an ordinary creditor or stakeholder would have, because KPMG pays itself from recoveries. The rates of pay are the NAMA rates but I am not looking at the time sheets. I do not know how many seniors, juniors or partners were involved. I often heard it said that in accountancy firms, if a particular job is done people are told to put down this time for one liquidation and that time on another liquidation. That is what committees of inspection are for, namely, to question and challenge those things and the need for stakeholders to be involved. We do not have that. The witnesses cannot in all fairness tell me that they are 100% confident we are getting value for money because they cannot possibly know that.