Ms Mary Harney:

I am happy to repeat it. If the Deputy has not heard it, it is worth hearing because it will help our engagement. The €3 million valuation - I read from that report - that was done for the purpose was desktop. No inspection took place of the property and it was to be used for internal purposes only. That was emphasised by the reputable company that carried it out. It was done for the purposes of having the site declared derelict and having it put on the vacant site register because the council wanted to CPO it. Dunnes took a judicial review and it got a stay on that happening. UL always wanted to move into the city because we are four miles east of the city centre. That was identified as the preferred site but there was not a willing seller. However, in April 2019 Dunnes approached the university and asked if we were still interested and the university said yes. Negotiations took place between the university and Dunnes Stores. My understanding from what the governing authority was told is that we made an opening offer of €6.5 million. Dunnes was looking for €10 million and through the negotiations we settled on €8 million. That proposal was put to the governing authority and it unanimously supported that proposal. In the context of that proposal the governing authority was told that valuation statements were advanced in those negotiations. It subsequently transpired that there was no written valuation when a FOI request was submitted. The governing authority was obviously concerned that there was no written valuation and that is why the KPMG inquiry was established.