Mr. Frank O'Connor:

I thank the Chair and members of the committee. I will not repeat the introduction of my colleagues. We submitted our opening remarks yesterday, but, with the Cathaoirleach's permission, I suggest we take them as read to allow more for questions for the committee. However, I would like to make three brief points. First, I would like to begin by expressing the respect my colleagues and I have for this committee. It was regrettable that I was unable to attend back in May despite having been invited. My absence was due to a number of demanding schedule prior engagements throughout that week and should not be seen as a lack of willingness on my part to engage; on the contrary, we value the work of the committee, and I and my colleagues are here today to assist it

Second, I know the members will have questions about our annual report, which we published recently. For our part, the main message from our annual report is that Ireland is well positioned against the backdrop of uncertain markets. However, with a substantial amount of debt to manage, at €218 billion at the end of last year, there is no room for complacency.

Third, I reassure the committee that the NTMA has taken the fraudulent matter seriously. To that end, we have appointed Deloitte to carry out a full and independent investigation to thoroughly examine what occurred. While we will endeavour to answer as many questions as possible, there are limitations to what we can say. The members will appreciate, as the Cathaoirleach said, that the matter is being investigated by the Garda. In addition, it is essential that we do not bring issues into the public domain during the discussion that would help any fraudulent actors or jeopardise the recovery process. To that end, I can give an important update to the committee on our recovery efforts. I can confirm that we have recovered €1.52 million back to the NTMA accounts and recovery efforts will continue in that regard.