Results 23,801-23,820 of 34,729 for speaker:Seán Fleming

Public Accounts Committee: Business of Committee (21 Jul 2016)

Seán Fleming: Absolutely. Representatives of the HSE will be back.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I welcome Mr. Conor O'Kelly, chief executive officer, National Treasury Management Agency; Mr. Ciaran Breen, director of the State Claims Agency; Mr. Ian Black, chief financial and operating officer of the National Treasury Management Agency; and Mr. Eoin Dorgan from the Department of Finance. By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute...

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I ask Mr. O'Kelly to make his opening statement.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I thank Mr. O'Kelly. Before I invite Deputy Rock to contribute, I wish to ask Mr. O’Kelly a question on the national interest payment. I am reading from a schedule on government debt and gross debt in 2015, the source being the European Commission. It gives for each EU member state the level of gross debt, the interest payable as a percentage of GDP, the interest payable in actual...

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I am not convinced. Mr. O'Kelly has explained every single case away. Each country has a good reason as to why its interest rate is a bit different, including domestic factors and every other factor Mr. Kelly just mentioned. I am sure that if the governments of those countries were asked a similar question in their parliaments, they would find other reasons as well. I am just saying that...

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I will conclude with this. I am looking at the document the Minister produced on budget day. The expected payments on the national debt are set out at C.47 of the public budget document he produced. It sets out two figures for the national debt interest. It refers to the cash payment and then the euro statistic interest payment on an ESA 2010 basis. Mr. O'Kelly knows what that means,...

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: We will come back.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Can Mr. O'Kelly say that slowly again because we are in macroeconomics here? Mr. O'Kelly is saying that buying back a Government bond of €100 million would cost, given its market value, €130 million.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Did we underprice it when we sold it if it is worth so much more now? Mr. O'Kelly says it is worth €130 million in the market even though we only got €100 million for it.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: There must be a very high interest rates if it is worth so much more.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Are some of our bonds trading at a much higher premium than their face value then?

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Internationally.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: But there is an interest saving so it is a trade off on the interest one will save versus the extra premium one has to pay.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I am only saying that because the public will probably get a little bit lost.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: I just make that point for clarity.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: On foot of what Deputy Cullinane has said, we will write formally to the Department of Public Expenditure and Reform asking it to provide whatever information it has in respect of a look-back audit on all the public private partnerships, PPPs, entered into since the recent round commenced in 2003 or 2004. If no look-back was carried out, the Department should explain why because it was a...

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: On our side as well.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Yes.

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Which organisation?

Public Accounts Committee: 2014 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 24 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2015 (21 Jul 2016)

Seán Fleming: Is there an ethical investment policy covering armaments manufacturing, tobacco, etc.? There must be something in this area. Obviously, climate change must be coming into that overall picture.