Results 11,761-11,780 of 20,156 for speaker:Brian Stanley

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: There were loans available at 0.25% but 1% was a general figure during that period. Does it strike the witnesses as odd that a loan was taken from the parent company for 9% when money could easily be borrowed for 1%?

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: If I want a loan to build an extension to my house and can get it at 1%, why in the name of God would I borrow it at 9%?

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: The real benefit is that the parent company would receive 9% interest every year.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: It is accumulating there.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: In the accounts of Premier Lotteries for 2017 and 2018, I note the gross profit was €70.2 million in 2018 and €70.4 million in 2017. It had administration expenses of €65 million and finance costs of €35.2 million in 2018, so the company ends up with a loss of €30.7 million. We have to assume advertising is included in those administration costs.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: Finance costs are €35.2 million for that year. Those would seem fairly generous figures. Do the witnesses agree?

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: It appears from the consolidated statement of accounts that a substantial loan was taken out by the operator from its parent company at an interest rate of 9% and a substantial amount each year is going to paying that back. It has been capitalised. I accept that. That is what is happening.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: It is important that we know that. That loan was in 2014 and we have ascertained that An Post has a 10% shareholding, An Post Pension Funds has 10% and there are two other parties involved, one a pension fund for Ontario teachers and another that was mentioned this morning.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: There are the two An Post ones.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: Okay. Ontario Teachers' Pension Fund is doing very nicely out of this.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: If I was a member of that pension scheme, I would be fairly happy. The pension scheme is performing very well.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: If you calculate what is going in on interest on the loans, there is a couple of hundred million there.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: It is closer to €200 million.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: In 2015, it was €15.7 million; in 2016, it was €17.3 million; in 2017, it was €18.8 million; in 2018, it €20.6 million; in 2019, it was €22.6 million; and in 2020, it was €24.7 million. The investment in the national lottery is performing very well for members of the pension scheme. There is substantial money there. The borrowing is at 9%, which...

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: Is the Department aware of it? If the figure of €84.6 million is incorrect, the witnesses might come back to the committee. If it is correct, they do not have to do anything.

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: Before we conclude, we have clarified that the introduction of the two extra balls did not happen in Mr. Nolan's time. It was approved by a Minister. Am I correct?

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: Yes. I ask Mr. Nolan to check and revert to me on that. When does the term of the licence expire?

Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)

Brian Stanley: I just wanted to clarify that point. That concludes the questioning of the committee. I thank Ms Boate and Mr. Donohoe for attending, and their officials for their assistance. I also thank Mr. Nolan from the Department for preparing for today's meeting and for the information it supplied both prior to and during the meeting. We have covered a great deal of material and I am much wiser...

Public Accounts Committee: Business of Committee (24 Nov 2022)

Brian Stanley: The business before the committee this afternoon is as follows: minutes, accounts financial statements, correspondence, work programme for the new year and any other business, including a proposal as to how we might address overdue responses to correspondence from the committee. We will then go briefly into private session before adjourning until next Thursday, 1 December, when we will...

Public Accounts Committee: Business of Committee (24 Nov 2022)

Brian Stanley: Does anyone wish to comment on those accounts or are there any questions around these accounts?