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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 does the commission stand now? The organisation made reference to a problem with the fourth transition, which was a previous one. What is the position regarding that transition now?

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: August 2012.

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 are no other issues with State Street-----

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: -----apart from the fact that the City of London Police force is currently 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: In terms moving forward, for an institution such as the NTMA, to what extent have the recommendations put forward by the Comptroller and Auditor General in his report been implemented? If a similar situation were to arise again, have the witnesses any further business association with State Street at this time?

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 type of funds would it have? What is the name of that institution?

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: Are there significant funds 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: It is a consultancy.

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: I would like Mr. Corrigan to comment on a number of matters. The first of these relates to State Street Bank, in respect of which he provided quite a lengthy analysis in his submission to the committee. At the end of January, State Street was found to have committed major transgressions by the UK's financial regulator, the Financial Conduct Authority. When Mr. Corrigan was previously...

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 was the amount involved?

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: On what date was the contract terminated?

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 engaged in a quick perusal of the Financial Conduct Authority's report. I presume that the National Pensions Reserve Fund is the "Client A" identified in that 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: When one reads the documentation relating to Client A - which outlines internal discussions that occurred within State Street - one comes across phrases such as: "Gotta win this one! Any ideas how to get more revenue would be appreciated."; "We need to charge fee then otherwise they get suspicious."; "makes it look like we actually thought about it and did the calculations."; "need to be...

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 total amount was €3.2 million.

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 stands the Garda investigation and the NTMA's own independent review?

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: When did that referral take place? When was the City of London Police force requested to carry out an investigation?

Public Accounts Committee: Business of Committee (13 Feb 2014)

Kieran O'Donnell: Did Deputy Sean Fleming, as a former Chairman of a committee, not make reference two or three meetings ago to listening to a recording?

Public Accounts Committee: Business of Committee (13 Feb 2014)

Kieran O'Donnell: First, the meeting was held in private at Sergeant's McCabe's request. Second, under the Standing Orders of the House the Editor of Debates cannot produce a redacted transcript. We were told by our legal adviser following the private meeting that certain elements of the evidence would need to be redacted. Third, an independent Garda Síochána Ombudsman Commission investigation is...

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