Kieran O'Donnell (Limerick City, Fine Gael)
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That was at the peak and when we saw the water starting to come out of the burst balloon. July 2006 was effectively the peak in terms of valuations. Someone got peak valuation for affordable housing and got a site adjacent to an existing site with the Garda in situ. It was not a vacant possession site. The question I am asking Ms Tallon - is nothing personal; this is what we do here - is what due diligence was done. Clearly, there was exposure. Was legal advice sought at the time about the exposure to the taxpayer if this deal went pear-shaped? Was due diligence carried out as to how quickly vacant possession would be achieved? I note that in 2010 the Department looked to have discussions with the developer about whether he would lease the property back to the State. When the contract was done initially, did the Department look at options or fallback positions such that if it could not get vacant possession, it would go for a sale and leaseback arrangement? Did it look at those options? What due diligence was done at the time?