Oireachtas Joint and Select Committees
Thursday, 22 November 2012
Public Accounts Committee
2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
11:10 am
Mr. John Corrigan:
No, that invoice came from State Street. What we are proposing is that in future if a transition manager sells something to firm X, that firm X issues what is known as a contract note.
In the case of transition management services, the normal industry practice is for that contract note to go back to the transition manager. In the case of conventional investment management services, what we propose for the future is that the contract note be sent to the global custodian.