Results 3,101-3,120 of 11,255 for speaker:Colm Burke

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) (20 Apr 2023)

Colm Burke: It is not the insurance companies that are actually paying. It is actually collected from people who are getting insurance. The fund to bail out Quinn came from the taxpayers. The sum was €1.1 billion. Am I correct?

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) (20 Apr 2023)

Colm Burke: Yes, and that money then has been collected from the people who are getting insurance in order to pay back that figure of €1.1 billion. Am I correct?

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) (20 Apr 2023)

Colm Burke: At the last meeting in February, I raised the question of the settlement with PwC and about the fact that figure is not being disclosed to us. On the last day, the meeting was adjourned because that figure was not being disclosed to us. The governor has come in here this morning and it is not disclosed to us now either.

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) (20 Apr 2023)

Colm Burke: We have a job to do as regards the money and making sure there is a full accountability to the taxpayer. There is taxpayers' money of €1.1 billion that was used to bail out a company-----

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) (20 Apr 2023)

Colm Burke: -----and there has now been a settlement, according to a newspaper that was published yesterday. We looked for this information back in February and we still have not received it. The governor is coming in here this morning and he is not prepared to disclose it either.

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) (20 Apr 2023)

Colm Burke: It is taxpayer's money. We are accountable to taxpayers and to our constituents.

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) (20 Apr 2023)

Colm Burke: Therefore, we are now talking about €1.1 billion being paid out by the taxpayer. We are talking about a settlement, which is €53 million according to a newspaper. This is 5.88% of the total loss the taxpayer suffered. No one is able to account to us as to whether that figure is true or not true.

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) (20 Apr 2023)

Colm Burke: That was available. It was July of last year and yet it is not even in any statement we have received. I have had to ask two questions to get it. Our job here is to make sure there is accountability to the taxpayer and to our constituents. Why could we not have received that information previously? I fully understand the issues in relation to the courts. There still seems to be, in...

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) (20 Apr 2023)

Colm Burke: Is the figure of €54 million the net sum after the payment of costs or is it the sum that was paid out before the payment of costs?

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) (20 Apr 2023)

Colm Burke: On a note of clarification, is Mr. McGrath saying that the €54 million is before costs are deducted, excluding the €29 million we will be getting back, which related to security of costs, a security that had to be lodged by the State?

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) (20 Apr 2023)

Colm Burke: I fully accept that Mr. McGrath may not know what are the costs. In other words, is €54 million the gross figure in real terms?

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) (20 Apr 2023)

Colm Burke: I fully accept that, but we do not have an idea of the net figure. In fact, in this case, PwC was the auditor of a company that ended up with a liability to the taxpayer of €1.1 billion and we may be recovering as little as 4% as a result of what occurred.

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) (20 Apr 2023)

Colm Burke: Mr. McGrath must accept, though-----

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) (20 Apr 2023)

Colm Burke: I am aware that when cases are settled there is no admission anywhere along the line but Mr. McGrath must admit that, where a company went down the tubes and the taxpayer ended up picking up the bill of €1.1 billion, we are now getting less than 4% back from the people who were the stars of the show as regards doing audits in this country and they are walking off the pitch as if no...

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) (20 Apr 2023)

Colm Burke: We are all accountable to the taxpayer.

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) (20 Apr 2023)

Colm Burke: Quinn Insurance was about one of the things that one needs to have. One needs to have a fund available so that if there are claims, there are moneys there to meet those claims. Surely it is the job of an auditor to make sure. The same as when the Department is looking at the banks, it has to make sure the banks that are under the Department's jurisdiction have adequate security for...

Public Accounts Committee: Business of Committee (20 Apr 2023)

Colm Burke: There is a problem, which I raised at the Joint Committee on Health this week, with hospitals getting people into nursing homes because nursing homes are saying they need a higher degree of care than the basic level of care a nursing home patient requires, if there is such a thing. There is a problem in nursing homes when a person is admitted and they are quite mobile, but then two years...

Public Accounts Committee: Business of Committee (20 Apr 2023)

Colm Burke: I propose having a review mechanism put in place where, after a period, which could be 12 months, where a patient requires a higher degree of care, some kind of review would be done to assess the level of support funding that should be provided to the nursing home.

Public Accounts Committee: Business of Committee (20 Apr 2023)

Colm Burke: I thank the Chair.

Public Accounts Committee: Business of Committee (20 Apr 2023)

Colm Burke: That is happening.