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Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: How does it look for 2012?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: How does Mr. Corrigan think that those salaries in excess of €100,000 sit with public policy, on one side, and public perception, on the other, in terms of their scale and the fact that each is subject to a bonus? Five staff received a bonus. At what level were those staff?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: What is Mr. Corrigan's view on salaries?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: We cannot go into it because it is policy but I must state the payment of that type of salary to people in the context of the public debate occurring on what is paid to those generally described as bankers is significant. The public and I wonder how it can be justified. In so far as policy is concerned, it is a matter for another committee, but I am expressing my point of view. When the...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: An article in the Financial Times referred to Franklin Templeton owning €8.4 billion worth of bonds. Is that skewing the market view? Is the agency concerned that one United States investor holds that level of bonds? Is the agency factoring this into its consideration in terms of the market and how the agency returns to it and so on?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: Would there be many investors in the market at the same level as Franklin Templeton or is it an outstanding example? Is the spread far greater in terms of the numbers of investors?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: I am interested in this. If Franklin Templeton was to take a negative view and begin to sell, would that impact greatly on the agency's efforts or would it simply be a glitch in the market?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: Is there another investor like that?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: When was the issue notified to the Garda and how long ago? Does the NTMA intend to pursue the issue with the Garda and, if so, what would the process entail, given that-----

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: Perhaps using a transcript of the meeting this morning would be of assistance.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: The outcome of this is that we would expect a report back as soon as possible.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: I call Deputy O'Donnell.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: Is Mr. Corrigan aware of any disciplinary action having been taken against employees in State Street? I return to the question raised by Deputy Nolan as to how these employees move from one company to another, almost en bloc. Has State Street identified the person or persons involved and has action been taken? The National Treasury Management Agency has pressed State Street on this issue....

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: Was the information on the three individuals concerned received from State Street in the explanation provided when a senior executive of the company flew into Ireland to discuss this matter with the NTMA? Having notified the Garda of the matter, will the NTMA pursue a Garda investigation to bring it to a conclusion? Arising from this hearing, the NTMA should write to the FSA in the UK to...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: May we publish the statement?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: I ask Mr. Corrigan for his opening statement.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011
(22 Nov 2012)

John McGuinness: I ask the Comptroller and Auditor General to introduce the chapter.

Public Accounts Committee: Business of Committee (22 Nov 2012)

John McGuinness: Was there any response from the Department of Education and Skills in respect of matters raised last week?

Public Accounts Committee: Business of Committee (22 Nov 2012)

John McGuinness: It is of grave concern to those in Waterford that this is dealt with as quickly as possible because it leaves a cloud over the institute. It is unfair of us to stand back and allow time to pass with regard to the issues raised on expenditure at the institute. We need to close off that business and tie it into the examination under way at present. We should ask the Department of Education...

Public Accounts Committee: Business of Committee (22 Nov 2012)

John McGuinness: We made it clear to them when they appeared that many questions remained unanswered. Members felt it would be better if the representatives from WIT were asked in again and that one of the three parties involved would take up the explanation on expenditure, giving a clear picture of how money was spent and managed. That work was to be undertaken by them and they were to be asked to return....

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