PAC to hear reports on multi-billion euro Department of Finance accountancy error

Two reports into a multi-billion euro accountancy blunder at the Department of Finance are to be released this morning.

The embarrassing error will be detailed to the Public Accounts Committee.

It emerged last year that money borrowed by the Housing Finance Agency from the NTMA was counted twice in the books on Merrion Street.

The €3.6bn duplication emerged just weeks before the Budget.

Two reports, one carried out by consultants and one carried out internally at the Department of Finance will be outlined at the PAC this morning.

It is thought both recommend an overhaul of current systems and one will state that the reporting of Government debt should be the responsibility of the CSO.