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)

1:10 pm

Mr. Seamus McCarthy:

It was slightly more. Part of the reason for the increase was the remediation of the site, which occurred in 2007. Additional funding had to be borrowed at that stage and that is one of the reasons refinancing was required. They had to put up a further tranche of cash, which explains the difference in that regard. If one goes back to the €7 million in recourse finance that was originally mentioned, it is not clear in the documentation what that was referring to. It could either have been interest or that this was the extent to which there might be a further guarantee or a further exposure. The guarantee relates to a commitment given and agreed with the shareholders on how the overall project was to be funded by Becbay. There was €291 million in lending from Anglo Irish Bank, in the first instance, €100 million of which was to be covered by guarantees.