Oireachtas Joint and Select Committees

Thursday, 2 May 2013

Public Accounts Committee

Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed)

12:50 pm

Photo of Eoghan MurphyEoghan Murphy (Dublin South East, Fine Gael)
Link to this: Individually | In context | Oireachtas source

It goes back to cultural issues at the time, and I am not entirely sure it is not relevant to the way board members were selected. I want to look into the detail as the board came to value the site. A report from the Comptroller and Auditor General from February 2012 states that the board was trying to establish a valuation for the site and:


[I]n June 2005 the authority had obtained an independent valuation of the property which placed a value of €240 million (exclusive of VAT) on the site. It was reported to the board on 20 October 2006 as being based on an assumed plot ratio of 2:1. Two internal appraisals were carried out by the authority in 2005 and 2006, which valued the site at €303 million (based on a plot ratio of 3:1) and €264 million (based on a ratio of 2.5:1) respectively. However, the authority did not obtain any further independent valuations of the site prior to the bid being placed by the joint venture company in October 2006.
Did Ms Moylan ever query the changes in plot ratios proposed, which were driving up the price?