Oireachtas Joint and Select Committees

Thursday, 18 May 2017

Public Accounts Committee

Bord na gCon: Financial Statements 2015 (Resumed)

9:00 am

Mr. Phil Meaney:

If the Deputy goes back to 2005-2006, the debt of the IGB was €15 million. Since it was set up, no board has ever paid back debt until this board. We are the first board to pay down debt before the sale of Harold's Cross, and our net debt at the end of December 2016 was €20.3 million. After coming through the worst economic crash we could ever have expected and solving a lot of problems, we managed to reduce the debt by €6 million in that period.