Oireachtas Joint and Select Committees

Thursday, 8 December 2022

Public Accounts Committee

2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 19 - Exchequer receipts from National Lottery ticket sales

9:30 am

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

I am telling Mr. Algeo it is extraordinary. I am not a qualified financial adviser but based on common sense, why would I take out a loan at 9% if I could get one for 1%, 2% or 3%? This is a relatively long-term loan. It is an extraordinary transfer of cash that seems to be happening along with the dividends that are being paid. This seems to be an extraordinary transfer, which seems to benefit the parent company.

I will move on to advertising. I have been following this carefully. Mr. Algeo has said he is restricted in what he can say due to commercial sensitivities. Of the complaints received by the Advertising Standards Authority for Ireland, ASAI, in one year, 40% were related to the national lottery. Was Mr. Algeo aware of that?

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