Oireachtas Joint and Select Committees

Thursday, 16 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Bertie Ahern:

That particular one, you can't, as we found out for ten, 15 years or maybe longer, when people contractually get themselves into a position where they're going to do a development and they've gone for planning or there's a delay in planning, or there's objections to planning or there's problem with legal title of site, there's a whole myriad of issues that stops a developer or a builder getting on site when they think they've a designated site.

It was always the view that if you cut those off dead, there would be challenges to it and you wouldn't sustain it. That was the view and it was a view that was held in Finance. Minister Cowen and the Department were anxious to cut them off. There were no big deals, actually, under the designation after-----

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