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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 ask Mr. O'Kelly to note the circularity of what we are doing. Public money is being provided to help the developers. Public money is paid to the tenants and rents are sky rocketing. My question is what money has the NTMA invested in social housing and co-operative housing?

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 been given a mandate to invest in the economy and to ensure equality within that sustainability yet the organisation sees fit to invest in private companies, developers, to help them make serious profits. Surely, it has a remit to look at public housing provision?

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: None at all.

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 witnesses are saying that vast amounts of public moneys are being channelled through the NTMA into private companies. They are justifying the NTMA's investments, which are causing serious problems in terms of the market.

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: Some €730 million in private companies.

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: Lovely. That is okay. I just wanted clarification on the matter.

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: Yes.

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 market has utterly failed to supply and now we are actively supporting it. I will move on. My last question is in regard to rented buildings. I will come back on other issues later to the State Claims Agency. On rent, what is the NTMA paying in rent; why is it moving and what are the implications of that move?

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: What rent is the NTMA paying now? Why does it have to leave? What is the cost of that, if any? What is the new rent?

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: Perhaps we might get a note on the rent of €1 million per floor.

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 many floors are involved?

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 have no problem. I am just trying to establish facts; that is all. It is €1 million per floor and there are five floors.

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 NAMA paying €1 million as well?

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 ask Mr. Black to come back with a note on what the NTMA is paying and what it will be paying.

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: Was a business case made for purchasing a building?

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 looked at buying a building. Did it prepare a business case on that?

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 that for the agency's section of the building?

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

Catherine Connolly: Am I right that about €19 billion of the national debt is savings?

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

Catherine Connolly: Is the figure for savings rising over the years?

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

Catherine Connolly: What was the national debt just before the crisis started?

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