Committee of Public Accounts to examine 2020 Appropriation Accounts for Department of Finance

The meeting at 9.30am in Committee Room 3 of Leinster House will be joined by the Comptroller and Auditor General, Seamus McCarthy, and will also discuss the following chapters from the C&AG’s 2020 report:

• Chapter 1: Exchequer financial outturn for 2020
• Chapter 16: Ireland Apple escrow fund  

The afternoon session, beginning at 1.30pm, will correspondence and other business of the Committee.

PAC Cathaoirleach Deputy Brian Stanley said: “The Committee welcomes this opportunity to examine the 2020 accounts and reports of the C&AG concerning the Department of Finance. Areas of interest include the Exchequer balance and Central Fund transactions, the State’s Gross National Debt, Ireland’s contribution to the EU budget, and the taxpayers’ shareholdings in State and private companies. Members might also wish to examine expenditure on the IBRC liquidation , the Irish Water loan agreement, and the COVID-19 Credit Guarantee Scheme.

“The Apple Escrow account holds the multi-billion euro funds pending the outcome of legal challenges to the findings of a State aid investigation undertaken by the European Commission. On 31 December 2020, the total net assets held in the escrow fund amounted to €13.98billion, a decrease of €36million from the end of 2019.

“The Committee would like to know the current value of the fund, how it is performing, and if it continues to lose money, whether the State will have any liability when the money is returned to Apple if the judgement is in its favour. Members would also like an update on the current status of the court case and when can we expect to receive a judgement from the European Court of Justice.

The Committee looks forward to discussing all these issues and related matters with Mr Hogan and his colleagues.”

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

PAC is a standing committee of Dáil Éireann which focuses on ensuring public services are run efficiently and achieve value for money. Further information on the role and remit of the Committee can be found here.

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