Committee of Public Accounts to resume examination of reports into Insurance Compensation Fund and unauthorised release of funds from Exchequer

The meeting at 9.30am in Committee Room 3 of Leinster House will be joined by the Comptroller and Auditor General, Seamus McCarthy, representatives from the Central Bank led by the Governor, Mr Gabriel Mahklouf, officials from the Department of Finance led by the Secretary General, Mr John Hogan, and representatives from the Revenue Commissioners to examine:  

• Report on the Accounts of the Public Services 2020 - Chapter 14: Assessment and collection of Insurance Compensation Fund levies; 
• Report on the Administration and Movement of the Insurance Compensation Fund for the year end 31 December 2021;
• Comptroller and Auditor General Section 2 Report - Unauthorised release of funds from the Central Fund of the Exchequer.

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

PAC Cathaoirleach Deputy Brian Stanley said: “This meeting is a continuation of the engagement with the Central Bank of Ireland on 23 February, which was suspended due to a lack of clarity around certain matters that were raised by Committee Members on the day. Subsequently, the Committee requested the attendance of both the Secretary General of the Department of Finance and the Governor of the Central Bank at this week’s engagement to assist it with the matters that were raised and went unanswered.

“The purpose of this engagement is to examine the C&AG’s Section 2 report and to establish how Central Bank and Department of Finance controls for the withdrawal of Funds from the Central Fund of the Exchequer lapsed, and to ascertain if the new controls in place are robust enough to ensure no recurrence of issue.

“The Committee will also discuss the Insurance Compensation Fund and seek an update on measures that have been implemented by the Central Bank and the Office of the Revenue Commissioners since the publication of the C&AG’s 2020 annual report, as well as an update on the Insurance Compensation Fund levy that was re-established in 2012 as a direct result of Quinn Insurance going into liquidation.”

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.