John Gormley (Dublin South East, Green Party)

The Deputy will be aware that a "Prime Time" programme was made on the Dublin Docklands Development Authority which referred to some of the issues he raised. I have appointed Mr. Gerry McCaughey, who has been described as a green entrepreneur, as the new chairperson to the authority . Mr. McCaughey understands the necessity of good regulation and I believe he will move the authority in the right direction and ensure that it operates to the highest standards. I have also appointed Ms Yvonne Farrell, an architect, to the board.

The authority made a significant and high profile joint venture investment in the acquisition of the Irish Glass Bottle site. I am very familiar with this site as I live close to it. The authority considered it necessary to become involved in the acquisition of this property because of its key location on the Poolbeg Peninsula and its significant development potential. It remains an important development asset and a long-term investment. The authority is satisfied that its interest in the property will, in due course, facilitate it in achieving its long-term objectives for the sustainable regeneration and development of the Poolbeg area and will bring substantial benefits in terms of high quality physical development and community gain.

The authority and its joint venture partners are in commercial negotiations with the relevant banks regarding the refinancing of the loan facility for the acquisition. This is in line with other commercial lending in current market conditions. Interest payments on the loan were suspended for a period but the authority has confirmed that all interest due to date has been paid. It has been informed that its joint venture partners are also fully up to date with their interest payments.

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