2 Samh 2011, 14:58
The Committee of Public Accounts will meet in special session tomorrow, Thursday 3 November 2011, to deal with the error in the National Accounts that came to public light yesterday. This error led to an over calculation in the General Government Gross Debt of €3.6 billion. The Accounting Officer of the Department of Finance, Kevin Cardiff and senior officials from the CSO and the NTMA will be questioned tomorrow by the Committee which is anxious to get details of how this error occurred.
Chairman of the Committee, John Mc Guinness TD today said that a special meeting of the Committee was necessary in order to give some level of assurance that there is not a systems failure in the way the National Accounts are compiled which would cast a doubt over their authenticity.
Deputy Mc Guinness added that as well as dealing with this error, and on when it first came to light, the Committee will also examine the control failures that led to this gross debt being calculated at €3.6 billion more than what it actually was.
“We will have to see whether systems need to change as at the moment it appears that no one is checking the Department’s work. Maybe there is a need to add an extra check which can militate against the risk that materialised when the borrowings of the Housing Finance Agency were counted twice in the Governments books. This will come out tomorrow when the PAC will deal with this issue” Deputy Mc Guinness added.
The Committee will meet at 10.30 am in Committee Room 1 in LH 2000.
Committee proceedings can be followed live at:
http://www.oireachtas.ie/ViewDoc.asp?fn=/documents/livewebcast/Web-Live.htm&CatID=83&m=o
Ends
For further information please contact:
Verona Ni Bhroinn, 087 2624132, 01-618 3881or Ciaran Brennan, 086-0496518, 01- 618 4551
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
Committee of Public Accounts
Membership - Deputies
John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Paschal Donohoe,
Anne Ferris,
Simon Harris,
Michael McCarthy,
Mary Lou McDonald,
Michael McGrath,
Eoghan Murphy,
Derek Nolan,
Shane Ross