Department ignored calls to clarify €3.6bn error

EVIDENCE suggests the Department of Finance ignored repeated requests over the past 15 months from the National Treasury Management Agency to clarify how a €3.6 billion loan should be treated in the national accounts.

Officials from the department admitted yesterday no records had been found, to date, to show that they had responded before last week.

It follows on from the revelation that an ‘accountancy error’ on the treatment of borrowings of €3.6bn by the Housing Finance Agency had resulted in government debt being overstated by €3.6bn or 2.3% of GDP.