Ms Mary Moylan:

As I mentioned in my opening statement, the Department had made a submission to the Minister on 19 October seeking his approval for the authority to incur borrowings up to the statutory limit provided under the 1997 Act and to purchase shares in the joint venture company. The submission to him mentioned the value of €220 million. It also stated that negotiations with the private developer were ongoing and that it was proposed that the authority would acquire between 25% and 49% of the joint venture company, depending on the equity acquired. This would entail an indicative borrowing requirement of between approximately €55 million and €110 million.