Oireachtas Joint and Select Committees

Thursday, 6 July 2017

Public Accounts Committee

2015 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 2015
Chapter 2 - Government Debt
Chapter 18 - Irish Fiscal Advisory Council
Finance Accounts 2015

9:00 am

Mr. Derek Moran:

At the behest of the European Commission, it was suggested that the money would be held in an escrow account - in other words, it is held outside of anybody's account. The company paid into the escrow and the escrow is managed until such time as the proceedings are finished. It does not come onto our books now. It will only leave the escrow when the determination is made at the end of whatever period of years the case takes. It does not arise in the context of our debt, plus or minus, in the short term; it only arises when there is a final determination.