Results 13,801-13,820 of 26,396 for speaker:David Cullinane

Public Accounts Committee: Business of Committee (12 Jul 2018)

David Cullinane: There is probably nothing we can do about it, and I raised it earlier in a different context, but if we are receiving correspondence that-----

Public Accounts Committee: Business of Committee (12 Jul 2018)

David Cullinane: There may have been a link.

Public Accounts Committee: Business of Committee (12 Jul 2018)

David Cullinane: My point is that we need to be extra precious when it comes to correspondence that makes allegations against individuals that could be defamatory. If it ends up in the newspapers even before we get a chance to discuss it, it is not then accepted as Committee of Public Accounts correspondence. We had the dossier from Ms Skelly. Some of that ended up in the media. We need to be extra...

Public Accounts Committee: Business of Committee (12 Jul 2018)

David Cullinane: It undermines us if we have to deal with it at some point. If, say, there are issues we cannot deal with it but others that we can deal with, members of the committee could compromise our work. I will leave it at that but it is happening now almost on a weekly basis.

Public Accounts Committee: Business of Committee (12 Jul 2018)

David Cullinane: Or read the Sunday newspaper.

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)

David Cullinane: Not too many, I hope.

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)

David Cullinane: I welcome Mr. O'Kelly and his team. I ask him to give us an overview of the strategic investment fund, its purpose and what it does or should do. That is under the NTMA's remit, is it not?

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)

David Cullinane: What is the mix or blend of finance? There is some private capital; from where does the rest of the money come?

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)

David Cullinane: What is the NPRF?

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)

David Cullinane: I am not even at that stage. At the moment from where does the money come? There are multiple income streams for this fund. Some of it is private sector and some is State investment. It was a savings fund. It was the National Pensions Reserve Fund, was it not?

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)

David Cullinane: That is historical. Is additional funding going into it?

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)

David Cullinane: Therefore it is not envisaged that any additional funding would go into that fund.

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)

David Cullinane: That is what I want to get to. Mr. O'Kelly mentioned the National Pensions Reserve Fund. That was set up essentially as a rainy day fund, was it not? That was the logic of that at the time it was set up.

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)

David Cullinane: What was it used for? When it rained what was it used for?

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)

David Cullinane: I know Mr. O'Kelly was not around, but I imagine he lived in the country.

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)

David Cullinane: I imagine Mr. O'Kelly knows the answer to the question: it went to the banks to recapitalise them.

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)

David Cullinane: Where did the money go from the National Pensions Reserve Fund? It was a rainy day fund and it rained.

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)

David Cullinane: My point is we had a rainy day fund before. That rainy day fund was meant to ensure that if there was an economic downturn of if there was any economic turbulence we would have some money to invest or even to tap into to be able to pay for day-to-day spending if there was a shortfall, but certainly it was more of an investment. That did not happen. It did rain. The economy crashed and the...

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)

David Cullinane: Okay. The money that was left in that fund went into this ISIF. Some of that money will now be put into what is being called a rainy day fund, will it not?

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)

David Cullinane: How much?