Written answers
Tuesday, 17 February 2009
Department of Finance
Departmental Agencies
9:00 pm
Richard Bruton (Dublin North Central, Fine Gael)
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Question 169: To ask the Minister for Finance the membership of State agencies under his Department; if any board members have served more than two terms; if there are cases where a chief executive subsequently became chairman; if one or more members of the audit committee in each case has specific financial expertise; and if the companies disclose necessary action to remedy significant failings in internal controls. [6019/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The table below sets out the information requested by the Deputy in relation to State Agencies under the aegis of my Department. There were no instances of Chief Executive Officers or equivalent becoming chairpersons of the Board. In the case of the Central Bank and Financial Services Authority of Ireland two members of the Board have served more than two terms and similarly with the National Lottery Company two members of the Board have served more than two terms. Five members of the Financial Services Ombudsman Council have served more than two terms.
| Name of Agency | Name of Board Members | Do members of the audit committee have specific financial expertise? | Do the Agencies disclose necessary action to remedy significant failings in internal controls? |
| Central Bank and Financial Services Authority of Ireland (Central Bank) | John Hurley (Governor) | Yes. | See Note 1 Below |
| Irish Financial Services Regulatory Authority (Financial Regulator) | Jim Farrell (Chairman) | Yes | See Note 2 Below |
| Financial Services Ombudsman Council | Dermott Jewell, Chairman | Yes | Obliged to bring such actions to the attention of the Financial Services Ombudsman |
| National Treasury ManagementAgency Advisory Committee | Gerold Brandt | Yes | The Agency operates in accordance with the Framework Code of Best Practice set out in the Code of Practice on the Governance of State Bodies. |
| State Claims Agency Policy Committee | Margaret Lane | Yes | The Agency operates in accordance with the Framework Code of Best Practice set out in the Code of Practice on the Governance of State Bodies. |
| National Pensions Reserve Fund Commission | Brian Hillery | Yes | The Agency operates in accordance with the Framework Code of Best Practice set out in the Code of Practice on the Governance of State Bodies. |
| National Development Finance Agency Board | Brian Murphy | Yes | The Agency operates in accordance with the Framework Code of Best Practice set out in the Code of Practice on the Governance of State Bodies. |
| National Lottery Company | Mr Donal Connell | Yes | It is the Company's policy to disclose significant failings in internal controls and the actions taken to remedy them. To date, there has been no significant failings in internal controls requiring disclosure |
Disclosure of necessary action to remedy any significant failings in internal controls:
Note 1: (CBFSAI) There are several channels through which the CBFSAI could disclose necessary action to remedy significant failings in internal controls:
1. the Bank prepares a report of its activities during the year and presents the report to the Minister for Finance which is subsequently laid before each House of the Oireachtas and published;
2. the Governor meets with the Minister from time to time to keep him informed regarding the Bank's performance of its statutory duties; and
3. subject to the requirements of the Maastricht Treaty and the confidentiality provisions imposed by law, the Governor appears before Joint Committees of the Oireachtas on request.
Note 2: (Financial Regulator) There are several channels through which the Financial Regulator could disclose necessary action to remedy significant failings in internal controls:
1. the Financial Regulator prepares a report of its activities during the year and presents the report to the Minister for Finance which is subsequently laid before each House of the Oireachtas and published. This report includes a Statement on the System of Internal Financial Controls;
2. the Chairman and Chief Executive meet with the Minister for Finance to keep him informed regarding the Financial Regulator's performance of its statutory duties; and
3. subject to the confidentiality provisions imposed by law, the Chairman, Chief Executive, Consumer Director and Registrar of Credit Unions are required to appear before Joint Committees of the Oireachtas on request.
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