Oireachtas Joint and Select Committees

Thursday, 23 February 2023

Public Accounts Committee

2020 Report of the Comptroller and Auditor General - Chapter 14: Assessment and Collection of Insurance Compensation Fund Levies
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer

9:30 am

Photo of Paul McAuliffePaul McAuliffe (Dublin North West, Fianna Fail)
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We are dealing with two issues here. There are people here who have information they do not feel at liberty to share with the committee and that is really concerning, or they cannot point us to where we would be able to know that. Second, there appear to be people in the room who were not prepared for today's Committee of Public Accounts meeting because it was very clear we were going to deal with this issue. I echo the Chair's comments regarding the absence perhaps even of the deputy governors, because perhaps we would have been able to resolve that.

I have one other question regarding the negative interest rates on the ICF. The impact of the ICF being managed by the Central Bank is that there is a negative interest rate and I think that cost the figure of €288,000 in 2001. In total, that has cost €881,000. Where does that money go? What steps are being taken to ensure we move out of an arrangement where there are negative interest rates? I will leave it at that, as I am straying too far beyond my time.