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

Mr. William Molloy:

The Deputy is correct that there were two parties to this incident. I will allow the Department representatives to comment from their perspective. From my point of view, as I outlined in my opening statement and in the background material supplied, the Central Bank effectively had two processes that were not sufficiently integrated to prevent the incident. Effectively, we had a process through which we received payments from the Department of Finance. We regard these payments as time-critical payments. They fund social welfare and so on.