Results 21,041-21,060 of 26,152 for speaker:Kieran O'Donnell

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Did the DDDA do any due diligence on that? DDDA was a minority shareholder in this proposal.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Who carried that out for DDDA?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: That is on the value of the property, but who actually sat down and crunched the figures?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: The eventual cost of the project was €412 million, and at 15% the DDDA was looking at a profit of €62 million, but it ended up with a loss-----

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: What was the projected profit?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: How much would the DDDA-----

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Twenty-six percent of €200 million. So it was projecting €52 million, which, ironically, was the figure it lost. There was a turnaround of €104 million.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: No. What I am more interested in is the fact that €52 million was lost on the project. When DDDA was examining the project, what net profit did it project would come in?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: A profit of €50 million.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Okay. Will ten minutes be sufficient for Deputy Eoghan Murphy?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Is Mr. Maloney telling us he did not know who Derek Quinlan was?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: He was one of the biggest property developers around.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Mr. Maloney told us that he dealt with all the large developers.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Is it possible that vanity took over from sound commercial judgment on Mr. Maloney's part? This was an enormous regeneration project. How long was he in his position when the project commenced?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: When did he join the DDDA?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Was Mr. Maloney in the position when the evaluation was received in June 2005?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: I draw the committee's attention to a key point. Had this project not gone ahead, additional funding of €52 million would have been available to the Dublin docklands for projects and amenities for people in the area. Any money the DDDA earns in its final incarnation goes back to the Exchequer. The whole thing appears to have been enormously rushed. When things are rushed, normally...

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: When would the Assistant Secretary, Ms Moylan, have become aware that there was €3.75 million?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: Let me address one of the key points, namely, the question of whether taxpayers' money was used. Ultimately, the State was underwriting the authority. If a loss is made on a deal – the Comptroller and Auditor General said it was in the order of €52 million – it has an impact on the taxpayer. It is not just-----

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Kieran O'Donnell: I will finish the point. That the DDDA was seeking to double its borrowing limit would clearly have indicated to me that the proposal was significant and unique, in terms of its content and size, for Dublin docklands. Before the authority entered into the deal, it should have sought an independent valuation – if not one, perhaps two. The independent valuations were based on June...