Results 11,941-11,960 of 34,618 for speaker:Seán Fleming

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: This session will deal with chapter 23 of the Comptroller and Auditor General's annual report. The chapter relates to the accounts of the National Treasury Management Agency, NTMA. We will also deal with the NTMA's financial statements for 2017, which have been published recently. We are joined today by Mr. Conor O’Kelly, chief executive officer at the NTMA, Mr. Ian Black, chief...

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: I ask Mr. O'Kelly to make his opening statement. I apologise for the delay in starting. It is our last meeting of the season and we had much tidying up to do which took longer than normal.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Since when?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Therefore, in three and a half years, we have refinanced €50 billion of our debt.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: That is only about one quarter of our debt. We did not refinance three quarters of our debt when interest rates were at their best.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: I know. It is just to put the matter in context. All of the work done has only resulted in one quarter of the national debt being refinanced in the past three and a half years.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: On the €50 billion the NTMA has refinanced.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: The other three quarters, approximately €150 billion, has not changed.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: For the benefit of people watching - many lay people are watching - to what do 100 basis points equate?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: We get that, but many people might not. Mr. O'Kelly mentioned the ISIF. For the people watching, will he explain what the Ireland Strategic Investment Fund and the National Development Finance Agency do?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: If Mr. O'Kelly and the members will indulge me for one moment, the last time he was before the committee was in 2016, I think. At that stage I raised the issue of investment in tobacco and issued a strong press release asking the NTMA to divest itself of its investments in that area. I commenced working on a Private Members' Bill that autumn, which was introduced in the Dáil, namely,...

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: I apologise for the minor interjection.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: The first speaker will be Deputy Catherine Murphy, to be followed by Deputy Catherine Connolly and then either Deputies David Cullinane or Jonathan O'Brien.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Deputy Catherine Murphy may ask a final question.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Has a list of the stocks in question been published?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: The witnesses could forward it to us.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Can the Deputy repeat question?

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Generally the first €18 billion of it went as the first tranche of the bailout. The first tranche of the bailout came from that and the balance of that came from the troika. A lot of the rest of it went into the banks.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: Someone can correct me if I am wrong. I understand that was called the National Pensions Reserve Fund. It was not for any of the things the Deputy mentioned at all. It was to pay for pensions when people retire in the long term.

Public Accounts Committee: 2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017 (12 Jul 2018)

Seán Fleming: It was never a rainy day fund. It was specifically to provide for pensions, but then it became used for the first element of the bailout and then to buy the bank shares. It was never an investment like this portfolio. It was for pensions only.