Oireachtas Joint and Select Committees

Thursday, 10 October 2024

Public Accounts Committee

Financial Statements 2023: Land Development Agency

9:30 am

Mr. Danny O'Sullivan:

Essentially, when the LDA was established, it had €1.25 billion from ISIF and €1.25 billion in borrowing. Then, under the Limerick mayoral Bill at the start of the year, there was an additional €2.5 billion added: €1.25 billion through the AIB share sales; and €1.25 billion through the performance of certain functions is the way it was phrased in the legislation. That brought it to €5 billion. The most recent amendment, which is going into the Housing (Miscellaneous Provisions) Bill 2024 at the moment, is another €1.25 billion, and that would be from the AIB shares as well. The total from ISIF, which is what we were talking about, is €3.75 billion, €1.25 billion from borrowing and then €1.25 billion, which was in the Limerick mayoral Bill amendment to essentially say the LDA can raise these funds through the performance of certain functions, and they are specified within the primary legislation.