The incident occurred following spending oversight from the Department of Finance and the Central Bank.
THE CENTRAL BANK issued an unauthorised payment to the Department of Finance that was €738 million over the funds available to it in October of this year.
On 28 October, the Department of Finance submitted two payment orders to the Central Bank totaling in excess of €2.5 billion, to fund the delivery of “supply services”. These are defined by the C&AG as the “day-to-day services funded from the votes that are managed by central government departments and offices”.
The money in the account of the Central Fund belongs to the State, the report notes, and the Minister for Finance is legally entitled to apply to withdraw funds after seeking approval from the C&AG.It also highlights that the Department could have applied earlier for additional credit prior to submitting the payment orders, but failed to do so.
It found that the Department’s failure to seek a credit from the C&AG earlier in the year, after Government had approved all of the revised estimates for 2022, and to verify that there was sufficient credit available before requesting the funds were to blame for the occurrence.
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