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Central Bank may appear before PAC over Newbridge CU

Newbridge Credit Union.

Newbridge Credit Union.

The Central Bank may be called to appear before the Public Accounts Committee to discuss Newbridge Credit Union’s transfer to Permanent TSB at a cost of €54 million to the taxpayer.

“The issue is being examined with a view to bringing in the Central Bank,” said Ciaran Brennan, Press Officer with the 
Oireachtas.

“It is not down for review under the current programme of works until April; however, these things are quite fluid. The Resolution Fund that was used is audited by the Comptroller and Auditor General.”

By the nature of its role as the public spending watchdog, the Public Accounts Committee (PAC) is one of the most powerful Oireachtas Committees.

It has a key role to play in ensuring that there is accountability and transparency in the way Government agencies allocate, spend and manage their finances and in guaranteeing that the taxpayer receives value for money for every euro spent.

A spokesperson for the Central Bank has stated that the invitation to attend before the PAC would be accepted.

“If we are invited to appear before PAC we would accept that invitation,” said press officer Nicola Faulkner.

 

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