John Gormley (Dublin South East, Green Party)

The authority was established in 1997 with the general duty to secure the social, economic and physical regeneration of the Dublin docklands area. Since its establishment, it has engaged in extensive business transactions involving the purchase, management, development and sale of lands in the area. The authority is self-financing, operating on the profits of its business dealings, and does not receive Exchequer subvention. Any liabilities incurred by the authority in the course of its activities are expected to be met from its own resources.

Under section 30 of the Dublin Docklands Development Authority Act 1997, the authority may, with the consent of the Minister for the Environment, Heritage and Local Government, given with the consent of the Minister for Finance, borrow money and in this regard may incur liabilities not exceeding €127 million. Any moneys borrowed and any interest accruing thereon may be secured on the revenue, funds or property of the authority. The authority has stated that it is fully solvent and in a position to meet all its liabilities for many years to come. I expect the authority's 2008 accounts, which will be submitted to me before the end of June, to show that the authority continues to be self-financing.

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