Oireachtas Joint and Select Committees
Thursday, 2 May 2013
Public Accounts Committee
Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed)
12:50 pm
Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source
It goes back to cultural issues at the time, and I am not entirely sure it is not relevant to the way board members were selected. I want to look into the detail as the board came to value the site. A report from the Comptroller and Auditor General from February 2012 states that the board was trying to establish a valuation for the site and:
Did Ms Moylan ever query the changes in plot ratios proposed, which were driving up the price?
[I]n June 2005 the authority had obtained an independent valuation of the property which placed a value of €240 million (exclusive of VAT) on the site. It was reported to the board on 20 October 2006 as being based on an assumed plot ratio of 2:1. Two internal appraisals were carried out by the authority in 2005 and 2006, which valued the site at €303 million (based on a plot ratio of 3:1) and €264 million (based on a ratio of 2.5:1) respectively. However, the authority did not obtain any further independent valuations of the site prior to the bid being placed by the joint venture company in October 2006.
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