Oireachtas Joint and Select Committees

Thursday, 10 October 2019

Public Accounts Committee

Business of Committee

9:00 am

Mr. Seamus McCarthy:

Certainly it has built up resources. The €450 million in borrowing that was there at the end of 2008 has been eliminated. It was eliminated around 2016, I think. It would have been something that could have been considered to reduce the levy at that point, but that was not done and the balances have built up. We were aware when doing the audit that there was consideration of changing the purpose, but that would require legislative change. That has not happened. There are also plans by the agency itself to develop additional storage facilities and there have been delays on those projects. There was a purpose for which the moneys could have been applied and capital development is ongoing. Some of that funding will be applied to that capital development, but certainly it will not eliminate all of the resources.

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