Results 23,121-23,140 of 26,086 for speaker:Kieran 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)

Kieran O'Donnell: What about AIB?

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)

Kieran O'Donnell: Is it correct that the €16 billion is worth only €3.3 billion currently?

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)

Kieran O'Donnell: I am just looking at Mr. Corrigan's presentation. In his presentation he said the NPRF, excluding the public policy investment, was valued at a certain amount but what is the net value? What is the net value of the bank investment overall now?

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)

Kieran O'Donnell: I thank the Chairman and welcome Mr. Corrigan and his colleagues. Was the €4.7 billion that the NTMA disposed out of the National Pensions Reserve Fund the largest disposal of its type?

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)

Kieran O'Donnell: I want to discuss it from the transition manager's side. In the context of the NTMA, €4.7 billion of taxpayers' money has been disposed of to put into banks. Some €2.65 million was involved. In a transaction of that size, obviously the higher the amount the higher the materiality falls. The ordinary taxpayer will ask how the National Treasury Management Agency did not pick...

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)

Kieran O'Donnell: I accept that and Mr. Corrigan has been over that ground.

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)

Kieran O'Donnell: That invoice came from global custodians.

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

Kieran O'Donnell: Is there anything specific to the issues we are covering in the accounts of WIT for 2010? They may have been noted in a note to the account in terms of qualification of the accounts.

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

Kieran O'Donnell: I think we should pursue it.

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

Kieran O'Donnell: We are not launching a report today but giving a further overview on what is in the public domain. It undermines the integrity of our process in terms of making reports. Invariably, they end up in the public domain before we launch the report.

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

Kieran O'Donnell: I am not saying we should not. I am just making a comment.

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

Kieran O'Donnell: I am just making a comment.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I concur with Deputy Humphreys. We discussed this matter on a previous occasion when credit unions came before the committee. The role of treasurer or chairman of a finance committee was very important in the volunteerism of credit unions. One could set up a finance committee whose chair could have the role previously filled by the treasurer. The chief executive officer might bring the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: When we spoke to the interpretation section of the Bill, we referred to financial services legislation, which the Minister is examining for the purposes of clarity. That will feed into the protocol also. The protocol will be in place, but it is more a case of there being certainty for the credit union side on their exact obligations. The Minister is doing this in a legal context with...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I welcome the Minister's decision to extend the relevant periods from nine to 12 years and three to four years. This is a pragmatic approach which does not undermine the principle. The credit union movement will benefit from his decision as it will improve continuity. Having a chairman in place for four rather than three years will also strengthen the boards of credit unions.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I concur with Deputy McGrath about people going up for re-election. There are two aspects to this. For directors, a new rule is coming in whereby they can only serve a maximum of nine years in a 15-year period. Based on the circumstances of the credit union and to achieve continuity, that could be extended to 12 years over the 15-year period. They would still need to be re-elected every...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: On that section, it is a matter of good governance to have separation of employees and the board. The credit union movement is not unique but is based around volunteerism. Perhaps the Minister could examine having the board separate from its employees as a matter of good governance but, if the situation arises where a specific credit union cannot meet that criteria, it can make an...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: I would have thought that it was a matter of limiting the amount of business loans that a tier 1 credit union can give. Would a business seeking a €10,000 loan get it from a tier 1 or a tier 2 credit union?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: The issue of perpetual bonds was a significant issue for credit unions with many of them running into enormous difficulties with major losses through investing in them over the past several years. Under existing legislation, are they prohibited from investing in these types of bonds now?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Kieran O'Donnell: May I contribute briefly at this point?