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Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Yes.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Once they are paid into the Exchequer, is there an obligation that they go against a loan and that they do not go into the general take for-----

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: It does not get spent generally.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Will the Department give the committee a note on the €20 million-----

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: How many have been accepted?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: And the Department has set aside the €20 million to cover that?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Obviously, that is what it will do.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Who will keep an eye on it?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Will the Department be there?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: After the deed is done.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: That is a policy matter.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: I want to go back to back to the Central Bank question I asked. I just read in reports here that 29 or 30 people benefit from the bonuses of roughly €20,000 each. Who sets the criteria for qualifying for that bonus?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Has the board of the Central Bank done so?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Is Mr. Moran a member of that board?

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Mr. Moran cannot confirm that number or who sets down the criteria to qualify.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: I think it is a serious development that this is happening. I am interested to know who sets the criteria to qualify for these bonuses. I note in the report from the media that Unite is the union and it is concerned about this. Again it goes back to giving example to the banking sector and setting the precedent that they can follow this in other banks and indeed across the economy and then...

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: It was the maximum they could spend and there were 77 expressions of interest.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: Some 51 have been approved to date.

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: If the €20 million was set aside and there were 77, it would give-----

Public Accounts Committee: 2014 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2014
Chapter 2 - Government Debt
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2014
Finance Accounts 2014
(3 Dec 2015)

John McGuinness: What was the maximum?

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