Results 15,561-15,580 of 34,632 for speaker:Seán Fleming

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: There is nothing with which this special liquidation can be compared.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: As of now, Mr. Carville is saying that his job is to protect. That sounds high and mighty, but no one can verify his statement that the Department is protecting the interests of the State by taking this approach, as information is not being published in the public arena. All we have is his uncorroborated word for it. I am not doubting the Department of Finance's word, but we only have its...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: How many full-time staff are involved in this case in the Department?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: There is a maximum of two whole-time equivalents dealing with something of this scale, yet Mr. Carville is telling us that the Department has it under control.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: It sounds light. The Department is protecting the interests of the State, yet we are now hearing that there is a maximum of two whole-time equivalent, WTE, staff dealing with this issue. We waited up all night in the Oireachtas to pass this special emergency legislation for the largest liquidation ever in the history of the State. I examined the figures this morning. The public sector...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Please do. If Mr. Hynds tells me there are three, it will not change my view.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: When the legislation was being dealt with and the process was being implemented. That is understandable.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: In addition, there were 166 Deputies in the Dáil all night backing up the Department.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: I will hand over, but I have other questions to ask first. Mr. Carville mentioned that he would be able to provide us with further information once the litigation process was over. When does he expect that process to end?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Explain the legal challenge. What was the timescale? Did the contract with the liquidators have a sunset clause or would it run forever? Was it open-ended?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Ask someone to check. Could the contract run for ten more years?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: How many?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: One hundred and seventy-five. We just want the public to be aware that the loss of the liquidation process will be met through the liquidation. The liquidator's first call on everything is his or her own fee. The total cost of the liquidation will be met 100% before any final dividend is paid to the State. The greater the cost, the less the dividend to the State. Now Mr. Carville is...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Mr. Carville must understand that, from where we sit, there is a prima facielack of supervision compared with what we would have expected for something involving 175 cases, a liquidation of this scale and all costs being met before the taxpayers get their final dividend. The Department only has two WTE staff and maybe a solicitor working on it. Even if Mr. Carville tells me that one and a...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Does Mr. Carville get the point?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: This is a criticism of the Department, not Mr. Carville personally.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: I want Mr. Carville to take the point. This is probably the first bit of external scrutiny. Mr. Carville has been congratulating the Department on how well it has been protecting the taxpayer, but my confidence in its ability to do so is diminished if that is the number of staff working on the issue.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: Yes, and I will then hand over. My apologies to the Deputy. She can understand. I could not let some of these issues go.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: I will ask my final question for now, but I will speak again. Mr. Carville stated that 119 legal cases were listed in the courts.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Seán Fleming: How many of the 119 are before the courts?