Dáil Éireann Debate, Tuesday - 2 December 2014
205. Deputy John McGuinness asked the Minister for Finance if he will provide a quarterly statement on the operation of the Strategic Banking Corporation of Ireland; and if he will make a statement on the matter. [46087/14]
View answerAs the Deputy will be aware, the Strategic Banking Corporation of Ireland (SBCI) Act, 2014 stipulates that the SBCI will present a copy of its annual audited accounts to the Minister. The Minister is required lay a copy of the audited accounts before each House of the Oireachtas. A senior member of the staff of the SBCI nominated by its chairperson shall give evidence to Oireachtas Committees on the accounts and reports of the Comptroller and Auditor.
The SBCI will also fulfil its obligations as set out in "The Code of Practice for the Governance of State Bodies". The Code of Practice requires that the Chairperson of the SBCI should provide, amongst a number of requirements, an interim report to the Minister for Finance on significant commercially sensitive developments during a financial year.
The SBCI will operate its own internal management accounts and reports and develop Key Performance Indicators (KPI) to ensure that it succeeds in fulfilling its mandate as laid out by legislation, the Code of Practice and its Memorandum of Association.
