Oireachtas Joint and Select Committees

Thursday, 12 July 2018

Public Accounts Committee

2016 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Chapter 23: Accounts of the National Treasury Management Agency
National Treasury Management Agency: Financial Statements 2017

9:00 am

Mr. Ian Black:

We have been in Treasury Building from day one, but all of the leases have different end dates. We started on the fifth floor. Each floor is roughly 20,000 sq. ft at €50 per square foot excluding service charges. It is roughly €1 million per floor. Again all of the leases have different end dates. We took a decision whether to stay or go. Had we stayed, the landlord indicated that over the next period of time there was a likelihood that that building would be refurbished and as they do up one floor, the staff would be constantly moving over a two-year period. That was not very attractive from that point of view. We also then looked at other buildings and felt this one on both financial and non-financial grounds made sense. It was a decision that went to the agency board and was approved by the board.