Oireachtas Joint and Select Committees

Thursday, 30 January 2014

Public Accounts Committee

2012 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 6 - Land Swap Arrangement in the Provision of Affordable Houses
Vote 13 - Office of Public Works

11:00 am

Ms Clare McGrath:

Because of that. We were not able to complete because we were into a situation of a leaseback arrangement. The developer saw a situation - I am contextualising - in the market then such that there would not have been a market in relation to what he was proposing, and having us as tenants would potentially be a good outcome for him. We were working back and the rent was back to the date that he would have been due to occupy, but we were unable. His position changed and then he was unwilling, and that is how we found ourselves-----