Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The former CEO, Mr. Maloney, appeared before this committee on a previous occasion. The board minutes of 20 October 2006 stated that the Glass Bottle site represented an exposure of €9 million to the DDDA. Four days later, on 24 October, the figure had increased to €36 million, comprising shareholders' loans and equity amounting to €29 million and an additional €7 million in recourse finance. By 2 November, the figure had increased again to €61 million. In the space of 12 days, the figure increased by €52 million. There was no independent valuation or proper cost-benefit analysis. Due diligence was not properly followed. The matter has all the characteristics of a vanity project for management and directors of the DDDA.

The aforementioned seven projects cost a total of €130 million, and a further €52 million were put in. The total loss to the taxpayer between these seven projects is, therefore, approximately €185 million. That is a disgrace. When people deal with the taxpayer's money they should treat it as if it was their own. Have Mr. Crawley and Ms Quinlivan taken the opportunity to investigate what happened in respect of the Glass Bottle site that made costs run amok in the space of 12 days? Was the tail wagging the dog? I do not accept the argument that the assets will end up in NAMA because the decision should not have been made in the first place.