Oireachtas Joint and Select Committees
Thursday, 20 April 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed)
9:30 am
Mr. Eugene Creighton:
The mistake and error arose at the time of the development. The developers, which would have been a mix of in-house staff and contractors, assumed it was an Exchequer tax. They did not talk to the technical experts who would have told them that the insurance compensation fund element of the payments being made by the insurers should have been diverted to the Central Bank of Ireland.
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