Oireachtas Joint and Select Committees

Thursday, 13 June 2019

Public Accounts Committee

Business of Committee

9:00 am

Mr. Seamus McCarthy:

It is on page 213. A provision was already made for payment of this sum. Where it is recognised that there is a claim and that there is a likelihood of payment, then there is an obligation under the accruals principle to provide for that. A provision was put into the financial statement in 2008 for the sum of €168 million. That was maintained while the case was ongoing. In the event, because it persisted for so long, the final bill is going to be significantly higher than that figure. It is now estimated at being €198 million. However, because of the direction that was given, the provision had to be reversed as well to comply with that.

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