Results 10,901-10,920 of 32,978 for speaker:Catherine Connolly

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: I heard that part.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: How much was paid at that point?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: A sum of €500,000 was paid upfront.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: I am more concerned with the NTMA's process that allowed this to happen. The company was appointed.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Who carried out that review?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Those facts have been laid out to me by the Comptroller and Auditor General. I am aware of those facts. It had to be written off. What I am not aware of is how it happened. The NTMA has a huge portfolio of management of moneys. I have the greatest respect for the agency. The witnesses have given us tremendous information. Here is an example of utter failure-----

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: -----the NTMA is now doing without the IT system, which is extraordinary. It is now managing well without it.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Let us hear about the learning so.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: The NTMA has spent almost €1 million - more than €800,000 - to learn this was not necessary.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: The NTMA is doing without the system now, so it does not need it.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Could the decision not have been to upgrade the system rather than replace it?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: In regard to those decisions, I have said repeatedly - the HSE is doing this too - that it is getting harder for us to determine value for money when it comes to IT.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: I do not accept that. I am not asking that the agency get every decision right. We are all human and I do not mind mistakes as long as we learn from them. I see a particular theme emerging with information technology and expertise that is worrying for me.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Is there a cost to come as well? Is there still costs outstanding?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Is there legal action?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: There is a possibility of legal action.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: On the Ireland Strategic Investment Fund, there are two parts to it, namely, discretionary investment and directed investment by the Minister. Is that correct?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: Am I correct that the directed investments are mostly outside of Ireland?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: That investment is outside of Ireland.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Catherine Connolly: That is the investment that the NTMA will be redirecting back to Ireland in the next five years.