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€750 Million In Taxpayer Money Released Without Authorisation

Friday, 23 December 2022 07:25

The Public Accounts Committee is seeking an explanation from the Department of Finance and the Central Bank

The Public Accounts Committee is seeking an explanation as to why 750 million euro in taxpayer money was released without authorisation.

Chairperson Brian Stanley is calling on the Department of Finance and the Central Bank about the 'seriously concerning' breach of controls.

As outlined in the Comptroller and Auditor General report, on October 28th 2022, there was a failure between the Central Bank and the Department of Finance to identify the total amount of money being requested for withdrawal from the Central Fund exceeded the value of credit remaining at the start of the day.

This resulted in €750m of exchequer funding being withdrawn without adequate approval.

The Comptroller and Auditor General was not informed of this breach until four days after it occurred, due to it being a bank holiday weekend.

Finance Minister Michael McGrath has confirmed an internal review of the incident, which occurred on October 25th, is being carried out.

The Laois Offaly Sinn Féin Deputy believes PAC should be given a copy of that review:

PAC are also seeking promises from the Department of Finance and the Central Bank that changes will be put in place to ensure this doesn't happen again.

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