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Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Will the HEA give us an update by the end of this calendar year? Will it make a note of it now? We might ask for it in the meantime but in case we do not and we move on, will the HEA put in its diary that it will give us an update on the position when we head into the new year?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Since when?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: They were suspended before the Mazars report and the mediation.

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Was the protected disclosure made before or after their suspensions?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: I do not know anything about this. I am just asking that question.

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: DCS is being referred to. Who is being talked about?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: What is "DCS"?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Was that the name of the company?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Who had the shareholding in the companies?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Who had the shareholdings in DCS?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: What about before consolidation?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: The questions are about who borrowed the money and what bank provided it. Was it a college subsidiary?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Why would they state that if they cannot borrow?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: We are being told that the taxpayer was asked to bail out this DCS campus company. WIT had no power to take on debts and seemingly did so.

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: We want that this afternoon in advance of our meeting with WIT. My first questions are who are the shareholders in DCS campus company, what bank gave them the loan and why the bank was not told. WIT is guaranteed to repay the debt. I will ask the Comptroller and Auditor General if somebody can help us here.

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Was that legal?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Did the college take on net debts in the consolidation?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: The college did not borrow and yet was effectively allowed to take on bank debts.

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: What was the scale of the debt?

Public Accounts Committee: HEA - Financial Statement 2015 (29 Mar 2017)

Seán Fleming: Send us the finished report and Quigley report and we will go from there.

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