Govt debt €3.6bn less after 'accounting error'

Thrill · 01-11-2011 02:43PM #1

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 · 01-11-2011 02:45PM

thats as good as good news gets these days

Unique User Name · 01-11-2011 02:47PM

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

Paddy Samurai · 01-11-2011 02:47PM

Hurray! we're rich again.:)

Herrick · 01-11-2011 02:47PM

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

Pherekydes · 01-11-2011 02:48PM

"Government Departments bad at Arithmetic Shocker!"

Immaculate Pasta · 01-11-2011 02:49PM

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

:cool:

ibarelycare · 01-11-2011 02:49PM

Well that's embarrassing!

CardinalJ · 01-11-2011 02:49PM

Unique User Name wrote: »

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

Sean Gallaghers.

tolosenc · 01-11-2011 02:50PM

There's your 4 billion in cuts right there.

the drifter · 01-11-2011 02:50PM

So the budget is off then?

Herrick · 01-11-2011 02:51PM

ibarelycare wrote: »

Well that's embarrassing!

What does it matter to you?

Sure you barely care :pac:

jester77 · 01-11-2011 02:51PM

Thrill wrote: »

Wow, thats some accounting error.

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

rednik · 01-11-2011 02:51PM

Get him to the Greek.

Frank Black · 01-11-2011 02:55PM

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...............

01-11-2011 02:55PM

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 · 01-11-2011 02:58PM

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 · 01-11-2011 02:59PM

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

SEPT 23 1989 · 01-11-2011 03:00PM

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 · 01-11-2011 03:01PM

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 · 01-11-2011 03:02PM

Lads, thats about 800 quid each, Yessss boi.

Snakeblood · 01-11-2011 03:03PM

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'?

01-11-2011 03:04PM

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 · 01-11-2011 03:05PM

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

pajunior · 01-11-2011 03:05PM

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 · 01-11-2011 03:06PM

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 · 01-11-2011 03:06PM

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