Results 5,661-5,680 of 26,032 for speaker:Kieran O'Donnell

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: There is no taxpayer's money with it.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Mr. Carty made reference to hindsight. Does Mr. Corrigan believe that when the matter arose in October 2011 and was passed to the Garda, the NTMA should have terminated the contact with State Street bank as a matter of propriety and good governance procedures?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Where stand the four recommendations put forward by the Comptroller and Auditor General in his 2011 report?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: If the NPRF acts with an agency such as State Street Bank again, what procedures are in place to ensure that a similar situation cannot arise? If transactions take place would an audit be carried out on all aspects, including the sale price and margins?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: The point made by the Comptroller and Auditor General was that the NTMA would build into the contract that if it was subsequently discovered that State Street had been indulging in fraudulent activity it would pay a penalty. Has the matter been examined?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Was the €3.2 million refunded by State Street the profits it earned? Was anything paid by way of compensation?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: To cut to the chase, it is clear that what has happened with State Street Bank has had an impact on the reputation of the NTMA and Ireland Inc. Will Mr. Corrigan, as CEO and head of the NTMA, now consider taking legal action against State Street bank for damages and compensation due to the impact it has had?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: The point I am making, in a roundabout way, relates to the fact that an institution such as State Street effectively indulged in fraudulent activity and the only penalty it suffered was having to repay the money. For instance, it would have had access to the money for a period. We paid the interest on the money in the form of interest foregone by the NTMA. There must be a penalty to ensure...

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Did anyone lose their job in State Street bank over this?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Does Mr. Corrigan believe the NTMA now has the corporate structures in place to ensure this will never happen again?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: I will move on to one or two other items. The first item I wish to inquire about is the NTMA's success in raising money on the international markets.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: I do not have access to all the details, but institutions have to take responsibility.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Ultimately, the NTMA is charged with managing State funds. The question must be asked of whether there was a bonus structure within State Street bank that facilitated and encouraged those individuals to be reckless. The issue for the Committee of Public Accounts is the public purse. They ripped off €3.2 million of taxpayers' money under the radar, so to speak. They have not paid...

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: I thank Mr. Carty. On a positive note, the NTMA has a cash balance of €18 billion. I have two questions on that. What does Mr. Corrigan believe would be the norm for the NTMA to hold into the future? What is the additional cost in terms of holding such cash reserves above the norm? Mr. Corrigan might deal with those two points. Mr. Corrigan referred to entering the market in the...

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: What does Mr. Corrigan anticipate ten year bond yields being over the next two years? What would he be happy to see?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Is that a leading question?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: How long does Mr. Corrigan anticipate that will continue?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Mr. Corrigan has absolute privilege.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: What would Mr. Corrigan see as a-----

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 28 - Accounts of the National Treasury Management Agency
Chapter 29 - Clinical Indemnity Scheme
2012 Annual Report and Accounts - National Pensions Reserve Fund (13 Feb 2014)

Kieran O'Donnell: Yes.