Results 12,041-12,060 of 34,627 for speaker:Seán Fleming

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

Seán Fleming: If one has 20 fund managers on the panel, inevitably there would be five, six, seven or eight who are very good while some of them are okay. There must be some managers who are not as good as others. What does the NTMA do about dropping those? Why would one use the bottom third performers if one knew there were others who are consistently doing better? I am aware that the NTMA can...

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

Seán Fleming: Is there much movement in that regard? Consider the market value of the investment of the six. Perhaps the witness can take the market value figure under the management of each of those companies for 2017, which is on page eight of the financial statement, and take it back two years to the same figure for 2015, with an explanation for why there is a significant change. We want to get a...

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

Seán Fleming: Yes, under the State Claims Agency; not under the NTMA. Will Mr. Breen from the State Claims Agency please forward to the committee a list of the 146 bodies, and what significant bodies do not come under the remit of the State Claims Agency? Do the local authorities come under the State Claims Agency?

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

Seán Fleming: Okay, that is one. What other big organisations are covered? Are third level colleges included?

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

Seán Fleming: Does the State Claims Agency deal with the section 38 agencies?

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

Seán Fleming: Have they all agreed?

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

Seán Fleming: Will Mr. Breen explain why this is and why some of the services are in the scheme and not others?

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

Seán Fleming: Did the section 38s transfer to pay-as-you-go?

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

Seán Fleming: Was the HSE happy that these organisations were paying out €4 billion per annum because they did not have insurance and were on a pay-as-you-go system?

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

Seán Fleming: Who carried that out exercise?

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

Seán Fleming: How long ago was this?

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

Seán Fleming: I ask that this report is forwarded to the committee. I am aware that some of it might be confidential but please forward what is possible.

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

Seán Fleming: It is news to me, but obviously not news to others, that these organisations did not have insurance and were in a pay-as-you-go situation-----

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

Seán Fleming: That issue has never crossed the desk of the Committee of Public Accounts before now. It is interesting.

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

Seán Fleming: The local authorities have a separate insurance system, the name of which escapes me just now. I believe it is mutual insurance under the Irish Public Bodies, IPB, insurance company. Has the State Claims Agency ever thought of doing an exercise for it on the same basis or is it on a pay-as-you-go basis also?

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

Seán Fleming: If the section 38 agencies, which get at least €3 billion per annum, believed it was better to come into a scheme with the State Claims Agency on a pay-as-you-go basis, and if the entire budget for the local authority is also in that bracket of €4 million - and one could include capital expenditure of €5 billion or €6 billion - they would be a similar sized group...

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

Seán Fleming: As a result of today's meeting, the committee will write to the Department of Public Expenditure and Reform separately. I am not asking that an investigation be done but that the matter be considered and the Department's thoughts given to us. We will come back to it because at €2.6 billion on the SCA's balance sheet for claims, or closer to €3 billion, I have no idea what is...

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

Seán Fleming: That is fine.

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

Seán Fleming: The NTMA might send us a note on the new designated bodies under its wing and how that came about.

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

Seán Fleming: It might be helpful for us to have a list of those organisations done in the last 18 months so that we know what is happening. I am moving on to those on page 38. These are the portfolio companies.