What is a barter account? Meaning of term at centre of RTÉ Tubridy payments controversy

A barter account is where the balance is maintained between a media company and a media bartering company in respect of trades effected by the media company through the bartering company.

Media companies trade their advertising space in return for goods and services produced by other companies, with the media bartering company providing the marketplace for these trades, which occur at a discounted rate.

Surplus advertising space might be exchanged in this way for use of a hotel reception room or a new office desks, with transactions being priced at just 65 per cent of their face value to allow for discounts and the bartering company’s fees.

It is because transactions are priced at 65 cent in the euro that two invoices to support payments totalling €150,000 to Ryan Tubridy, put through a bartering account by RTE so they were paid out to Tubridy by the bartering company, were valued at €230,760 in the account.