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Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Has the regulator held discussions at the most senior level with the partners of the company that the consultancy took on in regard to the fees paid?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Does Deputy Ross know the identity of the consultants?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: I suggest that Mr. Elderfield should go to the top to discuss the matter at partner level because ultimately it is the taxpayer's money. Is it something he will take on board with a view to reverting to the committee?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: In respect of recapitalising the banks, recent media reports suggest that the troika is insisting on stress tests prior to the formal exit from the bailout. What form will those stress tests take and how does Mr. Elderfield envisage they will go? Am I correct in my summation?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: How does Ireland compare to other jurisdictions?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Is the person still in the employment of the Central Bank?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Can I make a suggestion? Could Mr. Elderfield review the particular circumstances of the case within the Central Bank and send the committee a specific note as to how far he believes he can go legally? He might also outline the whistleblower policy within the Central Bank, and the protection for whistleblowers.

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Will Mr. Elderfield see how far he can go in terms of the specific circumstances?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Is deducting tax losses a new requirement under Basel III?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: When will Basel III come into effect?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: And the amount involved will be €6 billion.

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: Will you go over the provisioning mechanism again because it is quite significant?

Public Accounts Committee: Special Report No. 72 of the Comptroller and Auditor General: Financial Regulator (Resumed) (13 Jun 2013)

Kieran O'Donnell: There may be higher disposal costs.

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: I thank all of the members for coming today. Do members have any further questions? Can we take it the session is concluded?

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: I reiterate I firmly believe in the independence of the committee. Across all political circles, including the Government, this is the case. I suggest we send a transcript of this meeting to the Department of the Taoiseach and the Department of Jobs, Enterprise and Innovation and deal with it in this fashion. This is reasonable.

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: This will be done.

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: With due respect, we have had many hours of lengthy deliberations. Deputy McGuinness is the Chairman of an independent committee, the Committee of Public Accounts. I put forward a suggestion which is reasonable. We are a cross-party committee and this meeting is in public session. I suggest we send the transcripts to the Department of the Taoiseach and the Department of Jobs, Enterprise...

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: As Acting Chairman for the day, I agree no one has approached me on how I do my business in terms of this committee or any committee. On this point can we conclude?

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: The details are to follow.

Public Accounts Committee: Statement by Chairman (13 Jun 2013)

Kieran O'Donnell: This gives us some information-----

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