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Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Mr. Moran is very confident that we will get through them.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: That is an interesting development. Mr. Moran is saying that if there is recapitalisation necessary, it will not occur on such a scale as to cause a major problem to the system.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Where would AIB raise capital?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: If there is capital to be raised, where does the Department believe it will come from?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Does Mr. Moran believe AIB could raise money at the moment?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Mr. Moran does not see the need to come back to the taxpayer for recapitalisation.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Is Mr. Moran keeping his options open?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: But he will not be there.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Mr. Moran will not be there. He is leaving that little problem to his successor.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: If it is a problem. That is fine.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: At the Bank of Ireland AGM this year, how did the Department of Finance cast its votes on the various resolutions?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Did Mr. Moran sign a contract for seven years?

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Mr. Moran is leaving after two, which is fairly premature. I am interested in that. Mr. Moran says he has achieved stability in the banking sector. It was reported that Mr. Draghi is refusing to release the letter written by Jean-Claude Trichet to Brian Lenihan because he says there are ongoing concerns about financial stability risks in Ireland. He is not quite ad idemwith what Mr. Moran...

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: It is widely reported this morning.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: I will quote from the letter. Mr. Draghi states that the ECB decided not to release this letter for the time being, as "the protection of the public interest as regards monetary policy in the European Union and financial stability in Ireland continued to justify the confidentiality of the letter". He further states that even though several years have passed and the prospects of the Irish...

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: No. This is in the context of the banking inquiry - Mr. Moran is probably aware of it - where they looked to get the letter.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: They do not want to release it because they think it would affect the stability of the banking system in Ireland, which is a fairly strong statement. It is in reply to a question from Martina Anderson, the Sinn Féin MEP. It is a fairly strong statement to the effect that the dangers that existed in 2010, which were obviously referred to by Jean-Claude Trichet in a letter to Brian...

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Correct.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Mr. Moran is doing so.

Public Accounts Committee: 2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2012
Chapter 2 - Government Debt
Finance Accounts 2012
(8 May 2014)

Shane Ross: Mr. Moran is being a judge in his own case-----

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