John Gormley (Dublin South East, Green Party)

The annual accounts of the Dublin Docklands Development Authority for 2008 have been finalised and arrangements will be made to have them laid before both Houses as soon as possible. The collapse in international financial and property markets in the past year has created serious challenges for the authority. The resulting impairment in the values of its property interests and delays in major projects, coupled with the slowdown in housing sales, had serious consequences for the authority's financial standing. Its accounts for 2008 reflect the very significant financial challenges it faced and show a loss on operations last year of €27 million. The authority has taken a prudent view on the valuation of its key assets, all of which have been written down. The accounts show a red book valuation of the Irish Glass Bottle site of €50 million.

The authority is taking steps to address its difficult financial position. All discretionary expenditure on projects and programmes has been cut. Every cost and overhead is being subjected to rigorous control and scrutiny. In addition, the authority has put in place a reduced organisational structure that will focus on its critical functions and responsibilities and allow it to continue to achieve its core objectives.

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