John Gormley (Dublin South East, Green Party)

I have not issued any direction to the Dublin Docklands Development Authority on this or any other matter. Recognising the current difficulties in securing an appropriate and realistic valuation of property assets under the present extraordinary market conditions, my Department and the Department of Finance met with representatives of the Dublin Docklands Development Authority in July. It was agreed that the authority would await the publication of the National Asset Management Agency Bill 2009 and also have regard to the guidance for the treatment of impaired assets, prepared by the European Commission and the European Central Bank, in valuing its property assets.

The intention was that the authority should have access to the most up-to-date guidance on this issue in finalising its annual accounts for 2008. The valuation of its assets in the accounts is a matter for the authority; the accounts are prepared in compliance with relevant accounting standards and are audited by independent auditors. I understand that the annual accounts for 2008 are now being finalised within the authority and will be submitted to me in the coming days, following which I will bring them to the attention of the Government and arrange to have them laid before both Houses.

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