Committee of Public Accounts to examine NTMA’s 2020 Financial Statements and chapters from C&AG’s reports

The meeting at 9.30am in Committee Room 3 of Leinster House will be joined by the C&AG, Seamus McCarthy, and will be split into two sessions.

The morning session, from 9.30am-12.30pm, will hear from representatives of the NTMA led by Chief Executive Officer Conor O’Kelly. The meeting will examine:

·       Financial Statements 2020 – NTMA;

·       C&AG 2020 report – Chapter 15: Accounts of the National Treasury Management Agency;

·       C&AG 2020 report – Chapter 16: Ireland Apple escrow fund; 

·       C&AG 2019 report – Chapter 16: Post Office Savings Bank Fund.

During the afternoon session, from 1.30pm-4.30pm, the Committee will consider the Minutes of its meetings of 28 September and 30 September 2021, Accounts and Statements, Correspondence, Draft Work Programme and any other business.

Committee Cathaoirleach Deputy Brian Stanley said: “The NTMA’s core role remains borrowing on behalf of the Government, and managing Ireland’s national debt and the interest burden over the medium term. However, the Agency’s functions have also evolved to include assigning staff and providing business and supports systems and services to other State bodies, including the Ireland Strategic Investment Fund, the State Claims Agency and the Post Office Savings Fund, as well as management of the Apple Escrow Fund.

“The Committee looks forward to discussing the NTMA’s 2020 Financial Statements and Chapters 15 and 16 of the C&AG’s 2020 report. Matters of interest include the impact on the national debt of additional borrowing due to the Covid-19 pandemic, debt servicing costs and the potential impact on these of future interest rate rises.

“Members are also interested in the performance of the State Claims Agency, particularly the level and cost of claims and the liabilities outstanding at the end of 2020. Other items on the agenda include the performance of the Ireland Strategic Investment Fund, specifically the directed investment portfolio which holds the State’s shareholdings in AIB and Bank of Ireland, the Apple Escrow Fund and the Post Office Savings Fund.”

The meeting in Committee Room 3 can be viewed live on Oireachtas.ie.

PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.