Seán Haughey (Dublin North Central, Fianna Fail)

As I explained, the Bill provides a broad, enabling legal framework and this is to be complemented by a detailed agreement dealing with financial management and accountability arrangements. Both the existing and draft new funding and management agreement between the fund manager and my Department provides that where the Minister so requests, the fund manager will permit additional independent auditors to examine the records related to all matters of the agreement. This provision would allow the Minister to request the Comptroller and Auditor General to carry out an audit if considered necessary. The new draft agreement also provides that the fund manager must supply an annual written statement declaring that payments from the investment and matching funding accounts are being used for the purposes of the fund as specified in the agreement and are not being used to cross-subsidise any of the fund manager's other activities.

I accept Deputy Quinn's intention but I cannot accept the amendment. I appreciate the Deputy's underlying concerns and I could consider the matter further in the context of the Seanad debate next week.

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