NTMA controls failed to stop €5m fraud as C&AG report puts €42bn price tag on bank bailout

The NTMA has recovered €2.5m to date, and efforts to make further recoveries are ongoing

The report puts a €42bn final price tag on the banking crash bailout.

The State's National Treasury Management Agency (NTMA) has recovered half of the €5m it paid out to fraudsters in error last year and said efforts continue to recover the remaining amount.

Last July, the NTMA received a fraudulent request for payment of €5m from a third party designed and timed to pass as a legitimate request for funds from an existing ISIF investee company. Controls intended to prevent such fraudulent requests did not prevent the payment being made by the NTMA.