Bank Guarantee.......Billions

19th Oct 2010




The Dáil Public Accounts Committee (PAC) has published responses it has received to questions submitted to the Secretary General of the Department of Finance regarding banking stabilisation measures.



The Committee sought this additional information following a meeting held with Kevin Cardiff, Secretary General of the Department of Finance on 22nd July 2010. That meeting examined banking stabilisation measures and details of documents previously supplied regarding the bank guarantee scheme. At the meeting, the Committee requested further details on some aspects of the guarantee.



Among the detail the Committee has now received and published include;



Up to date information on consultancy fees paid by the Department of Finance, the Financial Regulator and the NTMA.

Details relating to the work of professional advisors in the run-up to the introduction of the bank guarantee scheme.

A copy of a letter from the then Chief Executive of the Irish Nationwide Building Society to the former Secretary General of the Department of Finance dated 19th September 2008.

Details of the letters and emails form the Department of Finance to the Office of the Attorney General seeking legal advice regarding the financial stability contingency planning.



All the latest documentation received by the Committee is now available on the Oireachtas website at:

http://www.oireachtas.ie/viewdoc.asp?fn=/documents/Committees30thDail/PAC/Additional_Documents/LastestPublishedCorr.htm



Committee Chairman, Bernard Allen TD said;

“The Committee has decided that in the public interest that this information should be made freely available. We believe this information should be put in the public domain to ensure full accountability and transparency regarding the decision to guarantee the banks.



It will also form part of our discussions with Kevin Cardiff, Secretary General of the Department of Finance who is due to appear before the Committee this Thursday to examine the Comptroller and Auditor General’s findings concerning the bank guarantee scheme.”