Kieran O'Donnell (Limerick City, Fine Gael)
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First, this was the biggest single transaction the DDDA had entered into. Mr. Maloney was its chief executive officer. A letter went to the Department which was a p.p. letter, of which Mr. Maloney had no sight. For that level of investment, should he not have had sight of that letter?

Second, it was generally known that the market was falling, certainly from June or July 2006. It went at the upper end of the range of valuations. Did no one on the board say the DDDA, before it did so, should get an independent valuation done by outside consultants for that level of an investment? Third, did Mr. Maloney advise the board that it should not proceed with this because the market was overheating?

There is a lack of clarity regarding the decision-making process in this. Letters were going out looking for a limit on borrowing that would not have been based around the €375 million. It would only have allowed the DDDA go to a limit of €350 million. The DDDA had no independent valuation. It had letters going to the Department which were not signed by Mr. Maloney but were p.p. letters. I contend that, ultimately, Mr. Maloney should have seen those letters as CEO. That would be his responsibility. He had various board meetings where there was no independent valuation. Did anyone on the board say the DDDA needed an independent valuation and did Mr. Maloney advise that he had concerns about proceeding with this investment in an overheated market?