Professor Shane Kilcommins:

The Rhebogue transaction can be in many respects contrasted with the Dunnes Stores acquisition. I ask the Deputy to bear with me for a moment because it is a good question. The Dunnes Stores site transaction had a number of failings. One was that no policy or procedure was in place. There was no engagement with the director of building and estates or the building and estates team. The proposal came in late. A full appraisal of that proposal was not done. As I said, there was no engagement. The relevant due diligence was not done. It arrived very late onto the table of the governing authority and was approved in those circumstances.

The contrast with this transaction as it was presented is that these controls were in place. There was a property acquisition policy which to begin with had executive sponsors who had oversight of the project. Engagement with building and estates, finance and the legal division was needed and the report had to be presented to the governing authority and executives.