Oireachtas Joint and Select Committees

Thursday, 4 October 2018

Public Accounts Committee

Business of Committee (Resumed)

9:00 am

Photo of Seán FlemingSeán Fleming (Laois, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

We discussed this issue last year. If somebody comes back within a 25-year period and can prove that he or she is the one remaining shareholder, that he or she has been living in Australia and realises the building the company owned has been sold, he or she can claim back the money. It is a little like the Dormant Accounts Fund. It probably happens very little, but in theory, there is that option, which is why the money is held in an account in the event that somebody might show up some day. We learn something new every day.

There is a clear audit opinion in respect of the Ireland-United States Educational Fund which collects funds for the Ireland-United States Commission for Educational Exchange. There is a total of €7,000 in transactions, a small amount.

The next item concerns the Health Products Regulatory Authority, in respect of which there is a clear audit opinion. It involves the cost of superannuation entitlements accounted for as the amounts become payable, rather than in the year of entitlement. This happens in all of the health organisations. The Comptroller and Auditor General highlights the fact that there is no proper accounting for pension payments.