PAC suspends meeting with Central Bank following 'frustrating' interaction

Dáil committee had been due to hear from Central Bank governor but was informed he was attending a different meeting

Committee chair Brian Stanley: 'Worst meeting of the PAC in the past three years.' Picture: Gareth Chaney/Collins

The Dáil's Public Accounts Committee has suspended a meeting with the Central Bank after TDs became "frustrated" at what they felt was a lack of answers.

The committee had been due to hear from Central Bank governor Gabriel Makhlouf on the issue of Insurance Compensation Fund levies, but was informed on Monday that Mr Makhlouf would be attending a European Central Bank meeting instead.

TDs raised their concerns that no deputy governors had been sent to the meeting in his place and, after TDs found their questions being unsatisfactorily answered, the committee entered private session, wherein a decision was made to suspend the session and invite the Central Bank back on April 27.

Committee chair Brian Stanley told  Irish Examiner that it was "frustrating" and the "worst meeting of the PAC in the last three years".

"It was far from sastisfactory. The Central Bank was invited weeks ago and a confirmation given five weeks ago. Then on Monday were told the governor will be at the ECB Governing Council meeting.

"Neither of the three deputy governors was there and that wasn't satisfactory. And then those who were there couldn't answer questions on the insurance levy and the Insurance Compensation Fund.

"We have set April 27 as a replacement meeting and there's no ECB meeting.

"We expect those who are accountable to the PAC to have the answer to questions which are flagged in advance. It was pointless to continue."