Oireachtas Joint and Select Committees

Wednesday, 19 January 2022

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Covid-19 Payments and the Sale of AIB shares: Minister for Finance

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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I understand that. The Minister cannot say how many companies actually paid out dividends. He cannot state how much money allocated in State support was paid out to shareholders through dividends because he never asked for that information and it is not a condition. This has nothing to do with profitability. What Britain and the Netherlands did was not about profitability; it was a ban on paying out dividends. I am just saying the Minister made a mistake on the facts. The annual accounts of companies show that in some cases 100% of the money they received through the pandemic payments went to shareholders offshore. That was never the intention. I am sure it was not the intention of the Minister. I am just trying to point out that he made a mistake. We pointed this out in written correspondence and on Second Stage. It was a mistake and it needs to be dealt with in the context of any supports going forward.

I refer to the issue of business interruption claims. The Minister stated that he had received legal advice that he could not reclaim this money from insurance companies. Was he personally involved in this? If so, from whom did he get that legal advice?