Oireachtas Joint and Select Committees

Thursday, 27 November 2014

Public Accounts Committee

Special Report No. 86 of the Comptroller and Auditor General: Bord na gCon

12:20 pm

Mr. Michael Murnane:

The principal task in relation to the bank loans is to deal with the €12.5 million development loan associated with Limerick. That is the principal challenge facing Bord na gCon between now and December 2016. The sale of the assets originally envisaged will generate approximately €1 million or €1.1 million, depending on Meelick. That will leave a deficit of €11 million. The realisation of the asset disposal strategy as laid out in Indecon is being forecast to try to deal with that debt in some portion or another.