Departmental Reports

Dáil Éireann Debate, Thursday - 29 March 2012

Thursday, 29 March 2012

Questions (71)

Michael McGrath

Question:

71 Deputy Michael McGrath asked the Minister for Finance the status of the internal report requested by the Secretary General of his Department of Finance into the €3.6 billion accounting error in the reported figure for Ireland’s general Government debt for end-2010; the person who is preparing this report; when it is expected to be completed and given to him; if he will provide a progress report into the external review of the systems in his Department, the National Treasury Management Agency and the Central Statistics Office which was promised by him when the mistake came to light on 1 November 2011; if he will confirm the person who is conducting this external review and when it is expected to be completed; if he will further confirm if he intends to publish in full the internal report and the external review; and if he will make a statement on the matter. [17465/12]

Written answers

Minister for Finance (Deputy Michael Noonan)

In regard to the Internal Report, this is being prepared by management in my Department with the professional support of the Department's Internal Audit Unit. It is my understanding that this work is near completion following its circulation to relevant parties involved, who were given sufficient time to provide their final comments on it. Deloitte Consultants have been appointed to undertake the External Review. At this stage, this work is well underway and I understand that the consultants are likely to complete their work in the course of next week.

Following consideration by the Government, it is my intention, subject to legal advice and in a timely manner, to send the Internal Report and the External Review to the Committee of Public Accounts. It is also my intention to publish them.

As previously highlighted in questions on this matter, it has to be recognised that, while this matter was most regrettable, it was a statistical reporting discrepancy where our debt level was mistakenly stated as being higher than it actually was. This discrepancy had no impact on the 2011 budgetary deficit and the State is no better or worse off as a result of it.