John Gormley (Dublin South East, Green Party)

I have had no discussions with the institution in question on matters concerning the Dublin Docklands Development Authority, nor would it be appropriate for me to do so.

The DDDA's annual accounts for 2008 reported a loss on operations of €27 million, reflecting the impairment of the authority's key assets including a significant reduction in the valuation of the Irish Glass Bottle site. In response, the authority's board has cut all discretionary expenditure, is subjecting every cost and overhead to rigorous control and scrutiny, and has put in place a reduced organisation structure.

The authority expects to report a significantly reduced operating deficit for 2009, year on year, and has set an objective to return to a break-even situation as soon as possible. The final position, including regarding borrowings, will be set out in the authority's 2009 accounts which I understand are at an advanced stage of completion.

Arising from the 2008 accounts, the authority submitted a report to my Department in February regarding its participation in the Becbay joint venture which acquired the former Irish Glass Bottle site. I appointed independent financial advisers to assess the report, in consultation with my Department and the Department of Finance. The advisers have submitted their report and I have forwarded it to the authority's board for consideration. I expect to revert to Government on this matter in the coming weeks.

Discussions with the authority's lenders are a matter for the authority itself. I understand that the authority has held preliminary discussions with the National Asset Management Agency in respect of the transfer of loans associated with the Becbay joint venture.

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