THE OIREACHTAS PUBLIC Accounts Committee (PAC) was suspended today after members were unhappy that the neither the Central Bank Governor or three of its deputies attended today’s meeting. 

The meeting today was held to discuss the unauthorised release of funds from the Central Fund of the Exchequer as well Compensation Fund levies, with some questions centering around Quinn Insurance matters.

The committee had been due to hear from Central Bank Governor Gabriel Makhlouf on the issues, but was informed on Monday that Makhlouf would be attending a European Central Bank meeting instead.

An invitation was sent to the governor from the PAC on 23 January. 

As a result, the director of financial operations at the Central Bank William Molloy was tasked with answering questions, which centred on criticism from the Comptroller & Auditor General (C&AG) over an unauthorised release of €750 million in exchequer funds to the Department of Finance last October. 

The C&AG expressed serious concern at the breach by both the department and the Central Bank today. 

As Chair of the Public Accounts Committee, I have never before suspended a public meeting

What happened this morning with the Central Bank was totally unsatisfactory

We are there to represent the taxpayer & provide oversight/transparency. We expect answers from the Central Bank pic.twitter.com/aBmrCD9M8s

— Brian Stanley (@BrianStanleySF) February 23, 2023

As questions progressed from members today on a settlement between Quinn Insurance and PwC, Molloy said it was not his area of responsibility but that the legal condition of the settlement is that the amount be kept confidential upon legal advice, and would not comment further. 

Following some back and forth, members found their questions being unsatisfactorily answered, with both TDs Neasa Hourigan and Paul McAuliffe stating that there was little point in holding the meeting as answers were not forthcoming.

Chair of the PAC Brian Stanley put the committee into private session, where a decision was made to suspend the session and invite the Central Bank back on April 27.

Stanley said: “What happened this morning with the Central Bank was totally unsatisfactory

“We are there to represent the taxpayer and provide oversight/transparency. We expect answers from the Central Bank.”

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