6 Jun 2012, 17:28
The €3.6 billion error in the general Government debt, banking stabilisation measures, the National Accounts and restructuring of the Department of Finance are among a number of issues the Public Accounts Committee will examine at its meeting tomorrow, Thursday, 7th June when it meets with the Secretary General of the Department of Finance.
Chairman of the Committee, John McGuinness said: “Two reports were commissioned on the €3.6 billion error in Government debt figures which was raised by the PAC on 3rd November 2011. At our meeting tomorrow we will have an opportunity to discuss in-depth the findings of reports and consider how the reports’ recommendations will be implemented.
We will also have a chance to examine bank stabilisation measures. At this stage the State has injected the capital into the banks and the total cost of this project will be in the region of €64 billion. With the exception of Bank of Ireland, the State is the effective owner of our domestic banks and the whole management of that process by the Department of Finance will be a central feature at tomorrow’s meeting.
The Committee will also receive an update from the Department on the national accounts.
Deputy McGuinness said: “Among the issues we will be interested in addressing are the impact on the Exchequer borrowing requirement of the change to the way the Promissory notes are to be funded; what are the savings annually as a result of the rate changes on the bailout fund which were negotiated last year; and how much of the National Debt relates to bank debt.”
Restructuring measures at the Department of Finance will also be considered at tomorrow’s meeting.
Deputy McGuinness concluded: “The new Secretary General can also give the Committee an update on progress being made on making the Department of Finance ‘fit for purpose’.”
This meeting with the Secretary General of Finance will take place at 10am tomorrow, Thursday, 7th June in Committee Room 1, Leinster House 2000.
Committee proceedings can be followed live at: http://bit.ly/24YmPI
Ends
For further information please contact:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 3903
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Committee of Public Accounts
Membership
John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Paschal Donohoe,
Gerald Nash,
Simon Harris,
Michael McCarthy,
Mary Lou McDonald,
Sean Fleming,
Eoghan Murphy,
Derek Nolan,
Shane Ross