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:

Exactly. The balance of the lending - €191 million - was secured against the site. The undertaking that was entered into with the lenders by the DDDA was 26% of €100 million, therefore €26 million, and 26% of interest accruing for a period of two years, which was the term of the lending at the time. At that time the liability was capped. I think that was in the first agreement. Subsequently, two more guarantees were negotiated, replacing the original. In the replacement of the guarantee at a later stage, the two-year cap on the interest was lifted.