The Dail Public Accounts Committee, will tomorrow (11th) question the CEO of the National Treasury Management Agency (NTMA), John Corrigan and the Chairman of the National Pension Reserve Fund, Paul Carthy.
The meeting will take place at 10 am in Committee Room 1 of Leinster House.
Committee Chairman, Bernard Allen TD said;
“Tomorrow’s meeting will provide Committee members with the opportunity to question those charged with managing these agencies at a time when their roles and functions have never been more significant.
For instance, National Asset Management Agency (NAMA) will operate as an independent commercial entity under the aegis of the National Treasury Management Agency (NTMA).
Also, the Minister for Finance recently delegated additional powers to the NTMA. These new responsibilities include; leading discussions with the guaranteed institutions on their capital needs and heading the consultation with the financial institutions on the restructuring of the banking sector.
It also has the significant responsibility of raising any necessary borrowings for the state which this year alone is projected to be in the region of €20 billion.
The National Pension Reserve Fund has a crucial role to play at the moment. Its task is to meet the costs of Ireland's social welfare and public service pensions from 2025 onwards when these costs are projected to increase dramatically due to the ageing of the population.The Committee is very keen to establish how they intend to manage this fund at a time when the state’s finances are under strain.”
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