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Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: That would be the latest tranche of-----

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: -----AIB ones.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: If we take the overall of what has been disposed of in the past five, six or seven years, it could run into millions.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: I will ask about a cap. I know this is a policy area. Has there been any discussion about lifting the €500,000 cap for senior executives of the banks? Where is that proposal at the moment? Is that cap still in place?

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: It has been lifted.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: It has been lifted by the Bank of Ireland. Okay. There is a considerable mismatch in the banks compared with other European banks in respect of deposit and borrowing interest rates. The issue directly affects the public. People who may be saving for a mortgage have money on deposit. They are trying to get the deposit together but are getting only a 0.1% or 0.01% interest rate on the...

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: It has been tiny.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: Look at the tables. Someone who goes to open a bank account will be asking about this. Look at the offerings from the banks. An interest rate of 0.1% is about as good as it gets. If you go in to borrow money, you are looking at multiples of that and perhaps a rate of 4%.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: Is Mr. Carville talking about the short term?

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: The ECB sets borrowing interest rates. Let us be fair about this. I am talking about deposit rates. The State still has a share of a little more than 40% in AIB. Who calls the shots for deposit interest rates? Our guests will tell me the banks do. With the power of the State, the Central Bank and the Department of Finance-----

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: We do not have a shareholding in Bank of Ireland or Permanent TSB.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: We do not have shares in Bank of Ireland.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: We are out of Bank of Ireland now. We do not have a shareholding any longer.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: We do not have any skin in the Bank of Ireland game because it is not in State ownership.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: Mr. Carville is saying the ECB - and the Governor of the Central Bank sits on that body, which is made up of the 27 member states - sets borrowing interest rates. Between the European Union in the form of the ECB, the Central Bank here and the Department of Finance, no one has any power to influence deposit interest rates.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: I understand they are commercial entities. I understand that part of it. We are at their mercy on that point. I will turn to the banking unit within the Department. The Irish Bank Resolution Corporation, IBRC, has been liquidated and NAMA is being wound down. We are nearly at the tail-end of that. The State ownership of the banks has reduced. Is there still a need for the banking unit?

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: Is the output of the unit reviewed?

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: I take it from the answer that the unit will be kept in position. It is unlikely its staff will return to the National Treasury Management Agency, NTMA.

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: I will move on to discuss the cashless society, which is a topic of interest to a large section of the population. AIB was going to go cashless in 70 branches. Was the Department informed of that beforehand?

Public Accounts Committee: Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
(30 Nov 2023)

Brian Stanley: Is that to protect and retain access to cash?

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