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Updated 11.25pm
THE OUTGOING CHIEF executive of the Central Remedial Clinic Brian Conlan has said that he will not be appearing before the Oireachtas Public Accounts Committee.
CRC executives are due to speak before the PAC on Wednesday to explain how senior staff had been paid salary top-ups from funds raised by a registered charity.
This evening, however, a spokesperson for Conlan confirmed that he will not be attending the meeting as he has now resigned. “He is no longer an officer of the CRC having resigned from his post. He has no information that is not known by the remaining officers and directors of the CRC,” said the spokesperson.
Conlan also said that his replacement should come from outside the current CRC staff pool.
Having tendered his resignation with immediate effect today, Conlan said in a statement this evening that “it is in the best interests of the CRC’s clients and staff that the new chief executive should not have any association with legacy matters at the CRC.
Conlan said the wants the clinic to “start afresh with a clean slate” after he resigned as a result of the ongoing top-ups controversy.
The chief executive, who has only held his position since the summer, has said that he was abroad when the issue of top-up payments in the charity came to light but resigned within 24 hours of returning to Ireland.
Conlan’s salary was in line with HSE guidelines but his predecessor Paul Kiely had received a top-up of €135,000 on top of a basic salary of €116,000.
Conlan says that he was offered the role as chief executive following a selection process conducted by the board of the CRC with assistance from recruitment consultants.
Earlier today, a number of politicians including Independent Shane Ross TD and Labour TD Aodhán Ó Ríordáin TD had argued that Conlan’s replacement should be made by way of a transparent process open to both internal and external candidates.
Conlan’s comments this evening not only seem to echo these calls but hint that the eventual appointment should be an external candidate.
“I believe that there should be full transparency within the charitable sector with regard to how all funds raised, both private and public, are spent and that all executive remuneration should be within HSE guidelines, ” said Conlan.
I hope that the CRC will now take the opportunity to start afresh with a clean slate so that the excellent service provided by its dedicated staff can continue to be made available to its’ clients who rely on it and who should not be the innocent victims of any fallout.
Conlan’s decision not to attend the PAC committee comes after politicians such as Ross and Ó Ríordáin had called on the CRC board to clarify issues surrounding the top-up controversy.
Sinn Féin TD Caoimhghín Ó Caoláin has called for a full independent investigation into the top-up scandal.
“The hearings by the PAC are important and will add to the knowledge base. It is essential therefore that Mr Conlan, as well as his predecessor and other relevant personnel, fully co-operate with the Committee’s work in the time ahead,” he said.
Originally posted at 6.20pm
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Wouldn’t be like the government if they didn’t lose money on something that should be easy to manage..
@Bobby Neary: the govt have investment managers managing this. They will be restricted in what they can invest in so pretty much only govt bonds. With negative rate environment it is to expected that there will be a loss
@dublindamo: so we back apple. Keep the money safe, it loses 70 million a year, they win their case, we have to pay them back what we lost. Ireland
@Tommy C: no we only pay back what is left in the pot. The govt is not liable if the fund value decreases
@dublindamo: I’m sure our government will find a way to pay back what was lost. They hate to see business struggle.
@Bobby Neary: and the lad who doesn’t have a clue has over 100 likes!
How would you expect that money to be managed?
CFDs? Would you put it into futures? Maybe you’d look at shorting some companies? I am really interested to see how you would keep your money safe and generate a return in a negative interest environment? Im
@joe: no need to be investing it.
Just place it in a holding account.
There is zero need to be taking risks with that amount of money..
@Bobby Neary: That amount of money – in a savings account? With whom? What about concentration risk? Currency risk? Bankruptcy of the deposit taker? Also, you do realize that credit unions are calling deposits at €15k because the banks are charging them negative rates on their corporate deposits?
@Bobby Neary: @Bobby Neary: that is in the holding account you fool! Negative interest rates! Cash and cash equivalents I.e in the bank!
@Bobby Neary: if they stuck it in the hot press or under the mattress, they would have made more!!
With interest rates at -0.5% this is actually doing well
@dublindamo: I agree except for the €2million in operating expenses
€2 million in operating expenses. Easy money if you can get it.
@dstaffx:
This I don’t get. Systems are automated with buy/sell triggers at predetermined rates.
There isn’t army minding gold here. The administrative costs are minimal.
@Sequoia: buying and selling bonds has a cost as do the various taxes, insurances, staff costs, reporting and software systems required to manage a bond fund of that size.
Sure we don’t have a housing crisis, sure we don’t have a homeless crisis, sure our prisons are not over crowded, sure we don’t have people waiting on trollies in A&E, sure we can wait longer for the childrens hospital to be built, sure we don’t need to put money into education in this country, sure we don’t really need the 14 billion do we? Not sure we don’t . Discracefull government running this country, voted in by the people of this country to keep the poor poor and make the rich even richer!!!!
@gary mullen: people need to realise if Ireland didn’t appeal this we wouldn’t have had a 14bn windfall to spend. However there would have been significant macro consequences as a result
@gary mullen: This needs to be repeated over and over again. That money isnt ours no matter who wins. If we win, it goes back to apple. If we lose it goes to the countries where it should have been paid. If we do lose, the repercussions could cost our economy significantly more than 14 Bn.
@Cian: what are the macro consequences – you think apple will leave cork ? where will they go? Why not try something different and see how it goes? See what Ireland stands to gain, no one knows. Tim Cook didn’t come out and say “Lads if that money is collected, we’ll leave Cork”
Thats like saying €14,000 loses €70. Not exactly a hole in it.
@Euro McPúnty: it shouldn’t be losing any money whatsoever
@Gerard Heery: how do you figure that when interest rates are negative?
@Gerard Heery: It has to lose money – deposit rates are negative.
@dublindamo: the money should have but in short term investments and managed it could years before a ruling is made on whether we get the money or not and the legal end that’s years in Ireland ,70 m is alot of money when you ain’t got it
@Gerard Heery: it’s in fixed interest instruments which is as safe as you can get. Unfortunately, the rates on them are in negative territory as the ECB continues it’s QE programme to try and get inflation up to target.
Yes, an equity based investment would be performing better at the moment but if the market were to drop by 10% overnight (as it did last December) then it would be down a significant amount more.
The money has to be kept as safe as possible and, with the current climate, that’s where it is – just happens that safe havens have a negative return.
@Dara O’Brien: stop talking sense. It won’t get you likes around here
@dublindamo: and yet Ireland pays a fortune in interest on its dedt Ireland definitely thrown under a bus
@Gerard Heery: the ntma recently issued a 10 year bond at negative rates.
@Dara O’Brien: They should have stayed clear from Europe in the first place. US Treasury notes and Municipal bonds are still attractive and positive should have kept it in them.
@Jack McInerney: and then have additional FX risk from the fluctuations of the Dollar v Euro
History would suggest that If they let our Bankers ‘look after it’, under central bank and government guidance – all 70 billion will be lost to both Apple and the country with the tax payer footing the bill….
Ah, The Journal Comments – filled with people who know little or nothing about financial markets, but insist on commenting as if they do…
@Jodi: thats right.. because financial people are sooo clever….. i seem to remember the big bang from the celtic tiger… that didnt make them look to clever
Only Ireland could manage this
2 million in operating expenses???? How???
Ill mind it for free…
Just think what benefit that money would be to the country… more Gardai, improved rural broadband…better pay for frontline staff. etc etc …. but no the Paddies dont want it… we think we are so frikking clever
@Johnny Rielly: Unfortunately that is never going to happen as the money isn’t ours in the first place. It is either Apple’s or it belongs to other countries where the revenues were earned. If Apple loses the case there will be a big queue of counties with the paw out looking for their cut.
@Johnny Rielly: Do you honestly believe that we would hang onto that money? Because I can pretty much guarantee you that as soon as we keep it the other countries would come looking for their slice of it.
In the words of Father Ted.
“THAT MONEY WAS JUST RESTING IN MY ACCOUNT BEFORE I MOVED IT ON”
If it costs money just to hold money in goverment bonds at negative rates .this never happend in human history . ! Upsidedown world either something is very wroung or central banks have found means turn base metals into gold
@Den Sullivan: it has happened in economies like Japan in the past. The NTMA recently issued a bond with negative yield
Corporations don’t pay taxes, their customers do.
Could they not just print a one time 14 billion euro note? And keep it someplace safe, like under a mattress or a jam jar?
@Lukevic101: Haha, Doesn’t work that way I’m afraid.
@Jack McInerney: sorry Jack was a poor attempt at humour. Like in the Simpsons with the Trillion Dollar Bill.
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