Ms Mary Moylan:

First, I refer the Deputy to paragraph 8.2 of the minutes of the board meeting of 24 October:

The Board noted that Ministerial sanction to increase borrowing and to the acquisition of shares in a company was expected to be received during the day. In relation to the book valuation of some €250 million [I think that is a typographical error] which had been included in the Authority's submission to the Minister, it was noted that this figure was based on a plot ratio of 2:1 and on the basis that the Authority would be acquiring some 49% of the shareholding in the company (as opposed to 26% in the current transaction).

Therefore, the value of the site had varied in relation to plot ratios and the commercial and residential mix being proposed. Also, I remind the Deputy that the Minister's sanction was not being sought for the actual purchase price.