Committee of Public Accounts to examine 2021 Finance accounts and chapters from C&AG’s Report on Public Services with 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 officials from the Department of Finance led by the Accounting Officer and Secretary General, John Hogan.

The meeting will also examine the following chapters from the Report on the Accounts of the Public Services 2021:

• Chapter 1: Exchequer Financial Outturn for 2021;
• Chapter 2: Net cost of banking stabilisation measures;
• Chapter 22: Ireland Apple escrow fund.

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

Committee Cathaoirleach Deputy Brian Stanley said: “The Committee welcomes this opportunity to examine the 2021 accounts and reports of the C&AG concerning the Department of Finance. Areas of interest include the Exchequer balance and tax receipts for last year, gross national debt and debt serving costs, the significant cost of the banking stabilisation measures, and Ireland’s contribution to the EU budget. Members would also like to hear updates on the IBRC liquidation and the separation of Irish Water from Ervia.

“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 2021, the total net assets held in the escrow fund amounted to €13.6 billion. Last year, the total net assets of the fund reduced by €351 million, primarily due to a ‘third country adjustment’ amounting to almost €246m and a further €105m reflecting the current negative interest rate environment, negative yields on bonds, and fund operating expenses.

“The Committee would like to assess how the fund is performing, and discuss the ‘third country adjustment’, as well as the current status of the appeal case and when the State can expect a judgement from the European Court of Justice. Members 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.