Results 1,461-1,480 of 1,776 for speaker:Derek Nolan

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Reference is made to standard market practice for transition managers' performance and an implementation shortfall. The witnesses will have to forgive me if I butcher the language used, which I am sure is industry terminology. The implementation shortfall appears to refer to a margin which applies when the transition is taking place and the asset is being liquidated. In other words, while...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: The bank took advantage of it.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: The bank used it to hide its hidden costs.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: I assume that is how it was done. Surely at this stage Mr. Corrigan knows where and how the money that was skimmed off was hidden.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: On the issue of fraud, has the National Treasury Management Agency had any contact with the Garda or the police in the United Kingdom?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: If someone had broken into the National Treasury Management Agency and stolen €3.2 million or removed this sum from an account, it would have been considered a major crime and caused a serious scandal. While I am not arguing that this is the approach being taken by the NTMA, in the case of €3.2 million going missing, the approach appears to be much more relaxed than it would...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Sure.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Mr. Corrigan said he has met the vice-president of State Street.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: He flew over to Dublin to talk to Mr. Corrigan.

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: What reason did he give Mr. Corrigan? What was his explanation? Surely he would have given his view, on behalf of State Street, of what happened. Surely he would have allocated blame, responsibility or cause to somebody. What did he say to Mr. Corrigan?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: State Street is a very large provider of pension fund services. It is also involved in transition services. Is the NTMA engaged with State Street with regard to other aspects of its business?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: What is the value of the portfolio that is under the management of State Street?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Mr. Corrigan can see why people might be quite annoyed. I understand it is not easy for the NTMA to change its investments. State Street has admitted it ripped us off to the tune of more than €3 million. It has not yet given the NTMA a full explanation of the reason for that. I assume it is taking fees, charges and management costs for the significant business it is continuing to...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Does the NTMA have any idea when the FSA will conclude its investigation?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Has State Street given the NTMA any indication of what it thinks the process will involve?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: This specific incident relates to transition 14, which is what it is called in the reports. The NTMA asked State Street to review some other engagements it had with it, specifically transitions 3 and 4. State Street wrote back to say it was satisfied that transitions 3 and 4 were done correctly. When the NTMA subsequently reviewed the matter, it was unhappy with the transactions in...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: State Street is one of three transition managers on the panel. Who are the other two transition managers?

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: My understanding of the way the personnel structure works in these transition management companies is that entire groups of transition managers leave one company and go to another one. I think that is what happened in the case of State Street. An entire office was head-hunted and moved over. Is the NTMA satisfied that the individuals who may have been responsible for the transition 14...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: I want to tease that out a little. According to what I read in the Comptroller and Auditor General's report, the issue with transition 14 was that it was impossible to spot because it was not a traceable amount. It was within the margin of error for the NTMA's performance. The nature of the transaction means that it could not easily be checked or verified. It was not verifiable. The only...

Public Accounts Committee: 2011 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 2 - Government Debt
Chapter 4 - National Pensions Reserve Fund
Chapter 25 - Accounts of the National Treasury Management Agency
National Treasury Management Agency - Financial Statements 2011
National Pensions Reserve Fund Commission - Financial Statements 2011 (22 Nov 2012)

Derek Nolan: Is it a matter of taking the compliance departments of these companies at their word?