asked the Minister for Finance the procedures used for accounting to the Government, by each State board under his control; and if all of these are in keeping with modern accounting and reporting practices.
Written Answers. - Accounting Procedures.
93.
The following State bodies are under the aegis of the Minister for Finance:
Industrial Credit Corporation (ICC)
Agricultural Credit Corporation (ACC)
Fóir Teoranta
Central Bank
Irish Life Assurance Co.
Each of the bodies prepares annual reports and accounts. The annual reports and accounts of the ICC, the ACC, Fóir Teoranta and the Central Bank are submitted to the Minister for Finance, who in turn submits them to the Government prior to their presentation to both Houses of the Oireachtas. In compliance with the Insurance Acts, the annual reports and accounts of Irish Life are submitted to the Minister for Industry and Commerce, who submits their salient features to the Government in the summary of the annual statements of assurance (`the blue book') prior to the presentation of `the blue book' to both Houses of the Oireachtas.
The annual reports and accounts of the ICC, the ACC, Fóir and Irish Life are prepared in full compliance with the requirements of companies legislation and modern accounting and reporting practices. The Central Bank, which is not a company, prepares its accounts in line with specifications laid down by the Minister for Finance in statutory regulations which are kept under review. The reports and accounts of the Central Bank comply with modern practices.