Oireachtas Joint and Select Committees

Wednesday, 18 November 2020

Public Accounts Committee

Business of Committee

4:30 pm

Mr. Seamus McCarthy:

With regard to the figure of €111 million, the contributions promised totalled €110 million. The extra €1.3 million comprises interest that was earned while the money was in bank accounts. The total amount available for Caranua to disburse was €111 million.

On the cessation of its business, if there are any cases in which an award has been made but the payment has not been executed for whatever reason - perhaps there were invoices to be produced - the Department will process that payment. The Department will not, however, be in a position to make any additional awards from any residual amount. If there is a residual amount after all commitments made by the board have been honoured, I understand that it is, by law, due to be paid to the children's hospital. That is my understanding of the matter. It was expected that Caranua would have ceased to operate earlier in the year, but between Covid and other matters, it has continued to operate and the Department has not yet taken over. I understand it is likely to cease operations towards the end of the year, but the Department could confirm that.