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)

1:00 pm

Ms Mary Moylan:

As regards the November part, I can explain the change in the recourse financing required by the banks. The authority's legal advisers were asked to ensure that the agreement between the authority and its partners was drafted in such a way that protected the authority's interests. The negotiations with the banks were to be done in the same way, particularly with a view to ensuring that the authority's exposure was capped and that there would be no cross guarantees, that is, the authority would not be liable if its business partners did not meet their obligations. As to the details of what happened after I left the board, that is probably a matter with which the executive can help the Deputy.