Results 15,781-15,800 of 34,778 for speaker:Seán Fleming

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: I think it is available through the Comptroller and Auditor General's previous report. Before we looked at NAMA, he did a report.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: I asked how many whole-time staff were involved in the Department's monitoring of the liquidation process. The witnesses were busy telling us what a great job they were doing protecting the taxpayer. I asked for an indication of how many people were doing that and they said it was basically two and maybe a solicitor because of the court cases. Our view was that it was quite light.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Mr. Carville should address that issue. I know that he cannot tell us everything, but he must say if he will disclose much more information.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: The following have indicated in the following order for a shorter second round: Deputies Murphy, Connolly and Cullinane. We will try to move proceedings on.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Do the banks-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: The employee pays his or her own-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: When?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Is Mr. Rankin saying there was a fear the State would default with the troika in the country?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Yes, but that is not default. Mr. Rankin was talking about defaulting with the troika in town.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Can you send that booklet to the committee?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Can the Deputy liaise with the secretariat to crystalise the precise request? I know what the Deputy is asking.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: We need an exact wording but we understand the request. Before the witnesses leave I want to address two things. The promissory note covered ten years and it had seven or eight years left when it became a sovereign bond. When that happened we were told how much we would save in the next ten years because of the reduced interest rate. However, that was only part of the picture. The...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: The life of the sovereign bond, which is part of our national debt, carries on for a longer period than the life of the promissory note. Can the witness send us a note? He does not need to answer today. Is the estimated interest over the 35 year period?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: What is the situation given current assumptions?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: We will accept what the witnesses and the NTMA believe is the reasonable approach to that question. The promissory note was for ten years, and we are transferring it into a sovereign bond at a lower rate. We are saving a certain amount for the next ten years. The sovereign bond has a life of 35 years, so the interest can only be compared over that 35 year period against what was paid under...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: From the Comptroller and Auditor General's point of view, how many years has the liquidation been in operation?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: We will not put an end date on it. The witnesses might find this to be a simple question, but who audits the special liquidator's annual work?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: This is a liquidation, and at the end of any normal liquidation the liquidator produces his report. That is fine; it is the law. However, there is a large amount of taxpayers' money involved here. It is not in the legislation, but there is no independent verification of what the liquidator is doing.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: It might be required in future legislation. Perhaps there should be an independent audit. The financial statements should be produced, rather than relying on a process which has court approval at the end, or in the case of the witnesses the Minister approving it. I understand the PMPA liquidation could have went on for over 30 years because people could claim up to the age of 18 and so the...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Insurance is different. My point is that the special liquidator is contracted to the State to do work and it submits a report to the Comptroller and Auditor General when the job is done and that is the end of it. From the point of view of the Committee on Public Accounts we have no method of verifying that what is happening is in line with Government procurement and everything else that...