Department of Finance to attend PAC meeting

Committee Chairman John McGuinness TD said: “There is a vast amount of material and numerous issues to consider when we meet with the Department of Finance tomorrow. As well as the Department’s 2011 Appropriation Account and the 2011 Finance Accounts, the financial outturn for 2011, the national debt, the servicing costs of debt, debt projections, bond yields and the EU/IMF bail-out deficit will feature among the issues we will address tomorrow.

On the issue of banking and insurance, the IBRC liquidation is a matter which will be raised, in particular the costs, issues around staff transferring to NAMA and discounts on the loans being sold. Among the other issues to be considered are:  the end of Guarantee and effects of lower borrowing costs, the sale of Irish Life and future sales, deleveraging; the role and responsibilities of Public Interest Directors; and credit availability, the operations of the Credit Review Office and SME lending. The Insurance Compensation Fund and the funding of Quinn shortfall by the State and the levy on insurance customers will also be on the agenda.

We will also have an opportunity to discuss the restructuring of the Department, skill set required for the Department and whether this is now in place and the staffing and work of its banking division.”

This meeting will take place in Committee Room 1 at 10am tomorrow, Thursday, 7th March 2013.

Committee proceedings can be followed live at:  http://www.oireachtas.ie/parliament/watchlisten/

For further information please contact:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
 
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.