Oireachtas Joint and Select Committees

Tuesday, 22 July 2025

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach

Engagement with the NTMA on Matters Relating to its Operation

2:00 am

Photo of Mairéad FarrellMairéad Farrell (Galway West, Sinn Fein)

I just wanted to get that right.

On the fraud that occurred, the witnesses can tell me which questions they can answer and which they cannot. We want to be kept in check here. Previously, I worked in different banks, in collateral management and in confirmation settlements in derivative trades. There was checking and double-checking, and I was a low-level employee. We were triple-checking. Nothing could really happen without IT issues. I am at a bit of a loss about what happened. Obviously, the witnesses cannot tell me at this point, but they mentioned that nothing like this has happened before. Will part of the remit be to look back at transactions in respect of which there is a risk that fraud happened previously but which maybe were not flagged? Fair play to whoever flagged what happened in this case. I know what it is like when a mistake is made and alarm bells are ringing everywhere. It is a big thing to step up and say that.

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