John Gormley (Dublin South East, Green Party)

In response to its challenging financial position, the executive board of the authority has undertaken a major review and restructuring of its activities, cutting all discretionary expenditure and reducing staff levels from 55 full-time equivalents in January 2009 to 27 staff currently. Whereas the authority's 2009 annual report and audited accounts, which were published earlier this year, indicate progress was made in 2009 in stabilising the authority's day-to-day financial performance, the authority continues to face financial challenges with an operating loss of €7.4 million, compared with €27.1million in 2008; impairment losses and write-downs of €11.2 million, compared with €185.8 million in 2008; a reduction in the authority's net assets to €4.1 million, compared to €26.2 million in 2008; and borrowing within, but close to, the borrowing limit of €127 million.

Moreover, the prevailing uncertainty in the property and housing market will impact on the authority's development activities, and the outcome of its engagement with the National Asset Management Agency regarding the resolution of outstanding debts in the Becbay joint venture will also be central to the authority's overall future financial position. Achieving further progress towards a break-even position remains a key objective, and the authority is in ongoing discussion with my Department and the Department of Finance on its financial position and outlook.

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