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
Colm Burke (Cork North Central, Fine Gael)
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I thank the witnesses for the presentation and for making themselves available this morning.
The €738 million was paid out without all the proper procedures being followed. Mr. Molloy talked about two major organisations, namely the Department of Finance and the Central Bank. Not just one organisation, but two, made a mistake. Surely there should have been a checks-and-balances system in place to ensure such an error would not be made. The two organisations are managing substantial sums of money. A sum of €738 million was paid out incorrectly and proper paperwork was not in place. Surely the fault was on both sides. Are we satisfied that we will not have a glitch in the system again?