Oireachtas Joint and Select Committees

Thursday, 14 May 2015

Public Accounts Committee

2013 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2013
Chapter 2 - Government Debt and Finance Accounts 2013

10:00 am

Ms Ann Nolan:

At the beginning of the period when the original framework was implemented, we had to be very careful to avoid being shadow directors of the bank. The independence of the board was absolutely paramount, and they were very conscious of that. They brought it to our attention any time we seemed to step over in that direction. It is illegal to have shadow directors following everything the directors do.