Bank Guarantee Scheme......

PAC Cannot Tolerate Failures to Maintain Commitments to Disclose Important Information to Committee




4th Nov 2010



It is simply not acceptable that assurances given to provide the Dáil Public Accounts Committee (PAC) with significant information regarding the bank guarantee scheme have not been met.



Speaking at today’s meeting, Committee Chairman Bernard Allen TD expressed the Committee’s frustration that assurances provided to the Committee by the Secretary General of the Department of Finance at a meeting on 21st October to supply the Committee with crucial detail regarding the impact of debt servicing and debt repayment of the bank guarantee scheme over the next fifteen years has not been maintained.



At the meeting on 21st, the Secretary General undertook to supply the Committee with the information by Tuesday 26th. The Committee has yet to receive any relevant information, even though this detail is due to be provided to opposition spokespersons today.



Committee Chairman, Bernard Allen TD said;

“The Committee cannot stand for a situation where commitments given to the Committee by senior departmental officials are not followed through. In order for this Committee to effectively carry out its work on behalf of the taxpayer it must be in receipt of all the documents it requests, particularly when an unambiguous pledge was given to provide this particular detail.



I would like to lay down a marker that the Committee has no intention of accepting this type of scenario. We will not be put off in attempting to carry out our function in determining whether the taxpayer has received good value for money regarding the bank guarantee scheme or any the other matters under the Committee’s remit.”