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Public Accounts Committee: Business of Committee (3 Dec 2015)

Joe Costello: We need some understanding about this. Two hours have been devoted to Report Stage for this Bill in the Dáil this evening.

Public Accounts Committee: Business of Committee (3 Dec 2015)

Joe Costello: Can the committee request a final report when this issue is resolved?

Public Accounts Committee: Business of Committee (3 Dec 2015)

Joe Costello: There are major areas of procurement involved in this correspondence. Chubb comes to €1 million. I presume there are problems in regard to alternative tenders in that matter. The other two personnel items, Noonan Services Group comes to €2 million and Aramark Workplace Solutions, €91,000. There are questions in regard to the wage payments by Aramark. Can we request...

Public Accounts Committee: Business of Committee (3 Dec 2015)

Joe Costello: On that point, in her letter Ms Farrell indicates that this matter has been before the committee in one form or another since the year 2000. It is quite clear that there is some degree of urgency now. We should put it to bed before the end of the year as there will be very little time in the coming year. I agree entirely with the Chairman that we should now demand a response as quickly as...

Public Accounts Committee: Business of Committee (3 Dec 2015)

Joe Costello: Bodies

Public Accounts Committee: Business of Committee (3 Dec 2015)

Joe Costello: One short item. If we are going back to Bord na gCon - we have a number of requests listed on which it is to come back to us and another one is being added - could we also ask it for an update or progress report on the sale of Harold's Cross? There are serious questions relating to planning applications and permission and so on.

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)

Joe Costello: I am sure the Chairman will keep an eye on it as well. Mr. Moran, Ms Nolan and their team are very welcome. The first thing to recognise is that they have presented us with a good news story. There have been excellent returns in virtually all categories, including corporation tax, which has been phenomenal. We should look at it initially from that point of view. A figure of 140,000 jobs...

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)

Joe Costello: There would be a lag. Will Mr. McCarthy give us an idea of the percentage increase year on year in that period, not necessarily now? What level of trading took place? For example, I was a Minister of State with responsibility for trade and development, which was part of the Department of Foreign Affairs and Trade. All the embassies were mobilised as economic engines where Irish networks...

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)

Joe Costello: Mr. Moran mentioned the Asian Development Fund and a payment of €1.8 million. What is that fund?

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)

Joe Costello: We contribute to and are a member of the Asian Development Bank, so presumably it is related to that but we are not a member of the African Development Bank. Africa is the second fastest growing part of the globe and there are huge investment and trade opportunities coming up there. Why are we not a member of the African Development Bank? Our overseas development is concentrated in Africa...

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)

Joe Costello: The development bank would deal largely with development projects but we are not engaged in that work in Asia. We are engaged in trade with Asia. I do not see the importance of it vis-à-vis what we do in Africa. The budget for ODA is €640 million. The lion’s share of that - excuse the pun - is spent in Africa, yet we are not able to engage with the various projects the...

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)

Joe Costello: Could we get a push 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)

Joe Costello: The Department of Finance has been the problem in the past. Could it be part of the solution on this occasion?

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)

Joe Costello: When does Ms Nolan expect to complete them?

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)

Joe Costello: I presume the Department will make a recommendation to the Government.

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)

Joe Costello: Is there no chance of making it to the current Government?

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)

Joe Costello: That does not sound terribly hopeful.

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)

Joe Costello: May I raise one further point in respect of the National Asset Management Agency, NAMA? What is the expected return from NAMA? Does the Department expect NAMA to deliver entirely on its debts? While I believe it was indicated that NAMA would produce a surplus of approximately €1 billion, the Department expects NAMA to complete its business in 2018.

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)

Joe Costello: I refer to the debts it has drawn down-----

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)

Joe Costello: -----at the cut-off price for which it has got those debts. I believe the figure was 45% or 55% of the par value.

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