Results 8,341-8,360 of 20,057 for speaker:Brian Stanley
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: If I want a loan to build an extension to my house and can get it at 1%, why in the name of God would I borrow it at 9%?
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: The real benefit is that the parent company would receive 9% interest every year.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: It is accumulating there.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: In the accounts of Premier Lotteries for 2017 and 2018, I note the gross profit was €70.2 million in 2018 and €70.4 million in 2017. It had administration expenses of €65 million and finance costs of €35.2 million in 2018, so the company ends up with a loss of €30.7 million. We have to assume advertising is included in those administration costs.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: Finance costs are €35.2 million for that year. Those would seem fairly generous figures. Do the witnesses agree?
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: It appears from the consolidated statement of accounts that a substantial loan was taken out by the operator from its parent company at an interest rate of 9% and a substantial amount each year is going to paying that back. It has been capitalised. I accept that. That is what is happening.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: It is important that we know that. That loan was in 2014 and we have ascertained that An Post has a 10% shareholding, An Post Pension Funds has 10% and there are two other parties involved, one a pension fund for Ontario teachers and another that was mentioned this morning.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: There are the two An Post ones.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: Okay. Ontario Teachers' Pension Fund is doing very nicely out of this.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: If I was a member of that pension scheme, I would be fairly happy. The pension scheme is performing very well.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: If you calculate what is going in on interest on the loans, there is a couple of hundred million there.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: It is closer to €200 million.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: In 2015, it was €15.7 million; in 2016, it was €17.3 million; in 2017, it was €18.8 million; in 2018, it €20.6 million; in 2019, it was €22.6 million; and in 2020, it was €24.7 million. The investment in the national lottery is performing very well for members of the pension scheme. There is substantial money there. The borrowing is at 9%, which...
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: Is the Department aware of it? If the figure of €84.6 million is incorrect, the witnesses might come back to the committee. If it is correct, they do not have to do anything.
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: Before we conclude, we have clarified that the introduction of the two extra balls did not happen in Mr. Nolan's time. It was approved by a Minister. Am I correct?
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: Yes. I ask Mr. Nolan to check and revert to me on that. When does the term of the licence expire?
- Public Accounts Committee: Financial Statements 2021: National Lottery Fund (24 Nov 2022)
Brian Stanley: I just wanted to clarify that point. That concludes the questioning of the committee. I thank Ms Boate and Mr. Donohoe for attending, and their officials for their assistance. I also thank Mr. Nolan from the Department for preparing for today's meeting and for the information it supplied both prior to and during the meeting. We have covered a great deal of material and I am much wiser...
- Public Accounts Committee: Business of Committee (24 Nov 2022)
Brian Stanley: The business before the committee this afternoon is as follows: minutes, accounts financial statements, correspondence, work programme for the new year and any other business, including a proposal as to how we might address overdue responses to correspondence from the committee. We will then go briefly into private session before adjourning until next Thursday, 1 December, when we will...
- Public Accounts Committee: Business of Committee (24 Nov 2022)
Brian Stanley: Does anyone wish to comment on those accounts or are there any questions around these accounts?
- Public Accounts Committee: Business of Committee (24 Nov 2022)
Brian Stanley: We will write to the RTB about that. We will also raise with it the delay in laying the accounts, and we will write to the National Transport Authority as well. They are the two bodies that exceeded the three-month period. As usual, the list of accounts and financial statements will be published on the committee's web page. Do we agree and note the listing of accounts and financial...