TV3 NEWS DISCOVERS GOVERNMENT FINANCES ARE €3.6 BILLION TO THE BETTER

For further information:

Sharon McHugh
TV3 PRESS OFFICE
+3531 419 3430 / 087 922 4143
sharon.mchugh@tv3.ie
publicity@tv3.ie

Ciara Byrne
+353 1 419 3329 / 087 3199732
ciara.byrne@tv3.ie

TV3 GROUP RELEASE
IMMEDIATE: Tuesday 1st November 2011 

Figure of €3.6 Billion was “Double counted” by two government agencies.

Accounting error is blamed for the mistake

TV3 News has today revealed that the government finances are €3.6 Billion euro to the better as a result of an accounting error. The error, which was discovered last Friday night came on the same day that German nationalised bank HYPO Real Estate discovered a double-counting error totalling €55 Billion Euro.

TV3 news sources revealed that the error had been discovered during an examination of the classification of the state’s assets and liabilities. TV3 News understands that the €3.6 billion Euro had been advanced by the National Treasury Management Agency last year to another, unnamed state agency and was debited by both agencies in their financial reconciliations.

Originally, the figure was believed to have totalled €3billion euro, however Dept of Finance officials subsequently revised the figure upwards.

The accounting error amounts to over 2 percent of Gross Domestic Product. Sources at the Department of Finance have verified and confirmed the TV3 story.

TV3 understands the Minister for Finance Michael Noonan may brief the government of the developments at the scheduled weekly meeting of Cabinet.

Responding to queries from TV3 News a spokesman for the Department of Finance said “that the medium-term fiscal statement which will be issued this Friday, will take all relevant information into account.

ENDS

For further information & Interviews:
Maureen Catterson
TV3 PRESS OFFICE
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