Results 29,421-29,440 of 34,885 for speaker:Seán Fleming

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: The Comptroller and Auditor General should not have been comfortable with those figures at that stage. I presume he will have said something about it in the 2012 accounts.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: I will address my final question to the Comptroller and Auditor General. Somebody made the comment that when he went to prepare the audit, some adjustments had to be made to the draft accounts as presented. Perhaps I did not pick that comment up correctly. The report provided here states that the unaudited accounts for 2011 were presented to the Department in February 2012, and the audit...

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: That is the remark the Comptroller and Auditor General made earlier on. When I heard a later remark that there were no changes, I just needed a clarification.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: When will we see the audited accounts for 2012?

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: We will discuss them on other day.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: If Bord na gCon had done that test on the Markets Field, what would it have shown?

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: Therefore, what Mr. Murnane is really saying is that while the freehold value is in there at cost, it is being based on future income potential. That is what the accounts are showing.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: I have no issue with that, so we will move on.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: What other assets are not generating income? Are the rest of the sites in the €40 million worth of freehold land in the income earning area?

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: This means Bord na gCon is saying the Markets Field was an exceptional asset that was -----

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: Were there many offers?

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: When was that site sold or when was the sale completed?

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: That was a bad time to be selling property or finding buyers. I wanted to clarify that issue because there was a serious write-down that had not been mentioned so far. A figure is shown in the accounts for capital grants to private stadia. We have received an information note from Bord na gCon and I am conscious of the serious difficulties it faces. I understand it has a bank facility of...

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: How would Bord na gCon go about borrowing more or does it have the statutory authority to increase its borrowing? Would it require a change in legislation to increase its borrowing?

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: Legally, Bord na gCon cannot increase its borrowing above the €25 million without going back to the Department of Finance.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: Would it require a statutory instrument or a letter from a Minister to increase it? What would the procedure be to do that? I can understand why the going concern was an issue, given that Bord na gCon is at the limit of its borrowing. If income drops in subsequent years, I can understand how the board could have a difficulty, because it is at the limit of its legal facility to borrow....

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: Is the board confident it will get €10 million or €11 million every year for the next five years? We know about this year.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: The board is relying on the Minister therefore.

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: To go back to the boards grant payments to the private stadia, I had a quick look at the figures given to us. In the four years, from 2007 to 2010, the board paid out grants of €1.5 million to these stadia. In 2011, it paid out €1.52 million and in 2012, it paid €1.12 million. The figure for these two years is €2.64 million in total. Why, when the board's cash...

Public Accounts Committee: Bord na gCon - Annual Accounts 2011 (7 Nov 2013)

Seán Fleming: I welcome Mr. Neilan and his colleagues. I would like to focus on a few specific issues. A note in Bord na gCon's accounts mentions that it incurred a loss of €934,000 on the sale of its property at Markets Field. The witnesses will appreciate that some of us do not know anything about Markets Field or Bord na gCon's other sites in Limerick. Given that the sale in question incurred...