Oireachtas Joint and Select Committees
Thursday, 20 April 2023
Public Accounts Committee
2020 Report of the Comptroller and Auditor General: Chapter 14 - Assessment and Collection of Insurance Compensation Fund Levies (Resumed)
Report on Administration and Movement of the Insurance Compensation Fund for the year ended 31 December 2021 (Resumed)
Comptroller and Auditor General Section 2 Report on Unauthorised release of funds from the Central Fund of the Exchequer (Resumed)
9:30 am
Mr. Michael McGrath:
First of all, we might go back to section 3 of the 1964 Act. The Comptroller and Auditor General has referred to the specific part of it. The joint administrator at any point can go into the court and if the court adjudicates that it is appropriate to release funds from the ICF, it can do that. There is, therefore, a kind of a role.
It was because of the size of the amount that the ICF came to us. There had already been funds released, as Mr. Hogan mentioned a moment ago, in that there were already sunk costs, if you want to call it that, in terms of pursuing this. As I said, we took the view of-----