Oireachtas Joint and Select Committees

Thursday, 23 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Joe O'Reilly:

Well, I ... there's two ... there's two aspects of that. One is, I suppose, we have worked for the last six and a half years and we have fully co-operated with NAMA in relation to the recovery of the value of those assets. And, I suppose, again, coming back to it, the ... our business strategy and our ... the regime that we put in place and the quality of those assets is testimony to that business strategy and to the fact that we knew ... we knew what our market was, we understood the market. We stuck to that strategy so we ... as of, you know, if you look at Dundrum at the moment, if you look at some of the characteristics in relation to Dundrum. So, for instance, if you look at the rent roll that has produced, if you look at even the consumer spending, so I reckon, give or take over the last ten years - Dundrum was open ten years last March - so I'd say within that ten years and sort of, give or take, it was about ... consumer spending it was about, in that period, it was about €5 billion. So if you take it ... so if you take the VAT that was collected in that period or the VAT that would have been paid out of that €5 billion, probably the Irish Exchequer took about €1 billion out of that in that period, in those ten years. If you take it that there was about six, 5,500 people employed in Dundrum, that equates to about €35 million PAYE, PRSI tax being taken out or arising out of that employment. So over the ten years, that's €350 million.

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