Seán Fleming (Laois, Fianna Fail)
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89. To ask the Minister for Finance if he will provide a list of all contingent assets in his Department and in agencies under his Department where amounts can be owed but are not listed in the national accounts as an asset; if he will further provide a full breakdown of each category of contingent assets and the estimated amounts in the category; and if he will make a statement on the matter. [34076/16]

Michael Noonan (Limerick City, Fine Gael)
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While contingent assets are provided for in international accounting standards, they only apply to entities that use the accruals basis of accounting. The vote for my Department and the other votes within the Finance Vote group are accounted for in the annual Appropriation Accounts on a cash basis, in accordance with the Exchequer and Audit Departments Act, 1866. Notes to the annual accounts are provided on foot of policies specified in Public Financial Procedures and in the circulars issued by the Department of Public Expenditure and Reform. Likewise, the Finance Accounts, which is the account of the Central Fund, and the Annual Account of Taxes and Duties collected, which is produced by the Revenue Commissioners, follow the cash basis of accounting. In accordance with these accounting requirements, there is no reporting in relation to contingent assets. Information in relation to the Central Bank of Ireland is not to hand. I will forward it to the Deputy as soon as possible.  In the case of the Irish Bank Resolution Corporation, there are potential recoveries depending on the outcome of litigation, but it  is not possible at this time to make an accurate estimate of the amounts involved. In regard to the other agencies under my Department that are required to use the accruals basis of accounting, I am advised that they do not have any contingent assets that must be accounted for under the relevant accounting standards applying to them. The national accounts are prepared by the Central Statistics Office under rules set out in the European System of Accounts (ESA 2010).