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Public Accounts Committee: Business of Committee (30 Mar 2017)

Seán Fleming: Advice can be good or bad.

Public Accounts Committee: Business of Committee (30 Mar 2017)

Seán Fleming: During that period, the parliamentary legal advisor was assisting us in terms of wording and references to individuals, sitting there for a couple of the final meetings. It was in that context he made me aware of something I had no knowledge of.

Public Accounts Committee: Business of Committee (30 Mar 2017)

Seán Fleming: It is worth remembering we are a committee of the House, we are not the House.

Public Accounts Committee: Business of Committee (30 Mar 2017)

Seán Fleming: No, it was in the context of the discussion we were having.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: Yes.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: May I clarify the matter? Mr. Collins is saying the company sold the asset back to the parent company of UCC. What was the cost of that transaction to UCC?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: It cost UCC €20 million to get the assets.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: Mr. Collins mentioned that there was a leasing agreement with someone. With whom?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: Yes.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: To whom did UCC pay the €20 million? Who was the recipient or beneficiary of that payment?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: UCC paid it €20 million so that it could discharge outstanding liabilities.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: The transaction cost UCC €20 million.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: What was in it for the IMI, if Mr. Collins does not mind me asking? Could he give us that detail?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: The IMI was in deficit to the tune of €20 million and it had to clear its liabilities.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: And it had to clear that.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: We will get that information. To move on, Deputies Connolly and Kelly are the next contributors. We are down to ten minutes, as we have two other groups to meet today.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: Deputy Alan Kelly is next and I remind him that we are trying to stick to ten minute slots.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: What is the figure for legal fees? I cannot find it.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: What is the figure we are talking about?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
UCC: Financial Statements 2013-2014
(30 Mar 2017)

Seán Fleming: Do we have the figure for legal fees?

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