The Office of the President is returning nearly €240,000 in allowance fees that were not spent during Michael D Higgins' term.

Áras An Uachtaráin this afternoon published its first ever overview of the work and expenditure of the Office of the President for a presidential term.

The review includes detailed information regarding the '1938 Allowance' - an annual allowance paid by the Exchequer to support the President in the independent performance of his or her duties.

The payment hit the headlines during the recent presidential election after it emerged it was not audited and reported upon by the Comptroller and Auditor General.

In the report this morning, the Áras said President Michael D Higgins had under-spent the allowance by €238,443 over the course of his first term.

The funds will now be returned to the Exchequer by the end of the year.

Transparency

The Office of the President said it was publishing the figures as part of a commitment to greater transparency made by President Higgins.

It found that 'Voted Expenditure' - the funding approved for the president by the Oireachtas - came in under budget for each of the seven years of President Higgins’ first term.

The report also includes also outlines the 'Allied Services expenditure' - which covers expenditure incurred by other Government Departments and Offices in support of the President and his activities.

Both Voted and Allied Services Expenditure are audited by the Comptroller and Auditor General every year.

Presidential review

The presidential review will now be published every during President Higgins' second term.

The president's office said the process of establishing an independent committee to oversee the 1938 Allowance is "well advanced" with the committee expected to be in place from early next year.