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

10:50 am

Mr. John Corrigan:

That case involved the transition of a bond portfolio. We have since concluded our investigations in that regard. We are happy that State Street performed in accordance with the contract. We have communicated that to the company. We have gone back through all the State Street transactions, and indeed all other transition transactions, with a fine-tooth comb to satisfy ourselves that they were done in accordance with the contract. Given that this was unfinished business at the time of the Comptroller and Auditor General's report, we thought it was appropriate to flag it up. We have indicated to the company that we are happy.