Oireachtas Joint and Select Committees

Tuesday, 10 June 2014

Joint Oireachtas Committee on Environment, Culture and the Gaeltacht

General Scheme of Dublin Docklands Development Authority (Dissolution) Bill 2014: Discussion

3:10 pm

Mr. Seanie Lambe:

It should go into the Docklands Community Trust. That is the obvious place to put it. We already have the structure in place. The trust does not spend its capital. That was the model we saw in the Royal Docks Trust, London. We spend only the income from interest. Because interest rates are so low, we have recently had to invest. The more capital we have, the more we can earn. Because we only spend the interest, the capital will never be touched. While the Docklands Community Trust's brief is very broad, education is the main area. The memorandum and articles of association are very clear that it is a charity designed for charitable purposes in all sorts of areas, and it is left to the board to decide how to spend the money.

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