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
11:50 am
Mr. John Corrigan:
Yes. The sum of the parts was greater than the total, as it turned out. This bank then pocketed the difference between what we got, based on the share price of the unit of shares, and the basket. We do not accept the term "riskless principal". It was a question of "heads they win, tails we lose" in that instance.