Govt debt €3.6bn less after 'accounting error'

Thrill

http://www.breakingnews.ie/ireland/report-govt-debt-36bn-less-after-accounting-error-526658.html

Government debt is some €3.6bn less than was previously thought owing to an "accounting error", it was reported today.

The sum, which would represent some 2% of GDP, was "double counted" by two government agencies, TV3 News reported.

The error was discovered on Friday last during an examination of the classification of the state’s assets and liabilities, the broadcaster said.

"The €3.6bn 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," a TV3 statement said.

"Sources at the Department of Finance have verified and confirmed the TV3 story."

Contacted for comment today a Department of Finance spokesperson declined to confirm the details of story but said "there will be an adjustment" in the medium-term fiscal statement set to be issued on Friday.

Wow, thats some accounting error.

Piriz

thats as good as good news gets these days

Unique User Name

Hmmm, who's account was the money resting in??

Paddy Samurai

Hurray! we're rich again.:)

Herrick

No complaints here. Sure wouldn't it be worse if it was €3.6bn more than expected.

Pherekydes

"Government Departments bad at Arithmetic Shocker!"

Immaculate Pasta

https://www.youtube.com/watch?v=av8NTy5WkFc

:cool:

ibarelycare

Well that's embarrassing!

CardinalJ

Unique User Name wrote: »

Hmmm, who's account was the money resting in??

Sean Gallaghers.

tolosenc

There's your 4 billion in cuts right there.

the drifter

So the budget is off then?

Herrick

ibarelycare wrote: »

Well that's embarrassing!

What does it matter to you?

Sure you barely care :pac:

jester77

Thrill wrote: »

Wow, thats some accounting error.

Not as bad the Germans with their €55 Billion error!

rednik

Get him to the Greek.

Frank Black

Is this good news or bad news?
I mean sure, it's nice to have an extra few billion and all, but if the guys looking after the money can't even add up right...............

You'd think they'd have spotted at a glance things were out, that's 20% ish of our annual deficit iirc, as folks have said, better to be out that way than the other though.

crazyderk

Looks like Apres Match got it right from about 1.45 on

https://www.youtube.com/watch?v=

http://www.youtube.com/watch?v=WHTNTptUEe8

professore

Heads should roll but they won't - in fact whoever ****ed up will probably get a fat bonus.

SEPT 23 1989

Do the government think we are gobsh1tes?:mad:

This comes out today along with that Anglo arrest this morning

And what is happening tomorrow??????

Thrill

Former Anglo finance director arrested

Former finance director of Anglo Irish Bank William McAteer has been arrested.


Mr McAteer was arrested at 8am at his home in Rathgar in Dublin by detectives from the Garda Bureau of Fraud Investigation.


He is being detained at Irishtown Garda Station and can be questioned for up to 24 hours.


It is the second time he has been arrested in connection with the ongoing investigation into alleged financial irregularities at the bank.
A number of files have already been sent to the DPP in connection with the overall investigation.

http://www.rte.ie/news/2011/1101/angloirish.html

SteelyDanJalapeno

Lads, thats about 800 quid each, Yessss boi.

Snakeblood

SEPT 23 1989 wrote: »

Do the government think we are gobsh1tes?:mad:

This comes out today along with that Anglo arrest this morning

And what is happening tomorrow??????

More events that could loosely be collated under the term 'news'?

Send this video to the governments accountants, they need it!

https://www.youtube.com/watch?v=CvsnftXXKdw

The Germans found €55Billion down the back of the sofa last week, what's with all this resting money!

Greedy bankers putting it back before being caught red handed with it or what!

woodoo

Brilliant i suggest a payrise of 5% for the public service before anything else is done.

pajunior

tolosenc wrote: »

There's your 4 billion in cuts right there.

Afraid not, this means out overall debt is €3.6bn less. The goverment will be cutting 4 billion from our yearly budget.
Massive difference.

Still it should help slightly on interest repayments I suppose.

RedXIV

as mentioned, at least its money we have rather than haven't.

Would be nice to think it'd lead to an easier budget but then again, at this stage I wouldn't bet on it

mikom

Thrill wrote: »

http://www.breakingnews.ie/ireland/report-govt-debt-36bn-less-after-accounting-error-526658.html



Wow, thats some accounting error.

Ha!
You'll never beat the Germans.
Efficient as ever.

BERLIN (Reuters) - Germany is 55.5 billion euros ($78.7 billion) richer than it thought due to an accountancy error at the bad bank of nationalized mortgage lender Hypo Real Estate (HRE), the finance ministry said.

http://news.yahoo.com/germany-finds-55-billion-euro-accountancy-error-115520340.html

Badgermonkey

By my calculations, this will pay for e-voting machine storage 'til 9625 AD.

Result!

aido179

So eh...can we afford free Uni fees and continue as if we never found it?

That_Guy

Former finance director of Anglo arrested this morning, DOF make an "accounting error" and unsecured bonds to be paid to Anglo tomorrow.

:rolleyes:

Thrill

woodoo wrote: »

Brilliant i suggest a payrise of 5% for the public service before anything else is done.

Nah,return of the Christmas bonus for social welfare.

That_Guy

And will somebody lose their job over this error? Will they fúck.

PeterIanStaker

Great, so they'll just put that €3.6bn towards the budget buts, right?


No wait hold on, the TD's will probably give themselves a pay rise and close a few extra hospitals.

fishy fishy

how convenient - is this more of the "pat on the back' type nonsense to make sure we don't follow Greece and have a referendum on bailing out France and Germany - are they trying to keep us from doing that - between that and the "arrest" of anglo man.

Call me cynical but that 3.6 b won't make a blind bit of difference to the joe soaps here - we're still going to get fleeced.

smash

The €3.6bn had been advanced by the National Treasury Management Agency last year to another, unnamed state agency

Does anyone remember Richard Prior in Superman 3? That's a lot of interest that's gone into someone's account!

mathie

Sitec wrote: »

They should put it all on a 200/1 Horse and fcuk the bail out.

On Dana?

Mr.Crinklewood

mathie wrote: »

On Dana?

Would hve been an idea last week.

Long odds for the presidency, could have fixed the election and been quids in. ( would have probably used the money to build a big spire or to throw a clock on the Liffey )

sensibleken

Ssssssh! Fúcking hide it! The IMF will just take it if they hear of it

mikemac

We're rich again

Give every public servant some increments

That_Guy

Can we build the children's hospital now?

Jesus, we can't even fail as a country properly

Mr Trade In

If they could only move that decimal point two places to the right, then all would be well again.

Mr Trade In

mathie wrote: »

On Dana?

He said a horse, not a talking donkey.

stevedublin

They must've forgotten to carry the one.

JONJO THE MISER

So does this mean they will give back the xmas bonus for us people on the scratch?

smash

JONJO THE MISER wrote: »

So does this mean they will give back the xmas bonus for us people on the scratch?

Get a job you bum! :P

donvito99

I found €10 in my jeans the other day, does Mick Noonan have jeans?

woodoo

That_Guy wrote: »

Can we build the children's hospital now?

No!! Gravy for the boys first.

Vicxas

Isnt it interesting that they find this money just in time for a 1BN payement to go out...

woodoo

Vicxas wrote: »

Isnt it interesting that they find this money just in time for a 1BN payement to go out...

Yeah and they sent the guards into rathgar to re-arrest an anglo big shot. Its all for show.

Kasabian

Jesus , all jokes aside, aren't these people fcuking muppets of the highest order.