Results 5,021-5,040 of 26,021 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: This investment was of the order of €375 million. Was it the largest single development of which the Dublin Docklands Development Authority would have been part?
- 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: In that regard, would Mr. Maloney not have been involved in every bit of activity concerning it? There are letters here that were sent to the Department. The first letter that went to the Department seeking approval is dated 2 October 2006. Is that correct?
- 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: This letter was a p.p. letter and sought sanction for borrowings up to €127 million. What was the basis for that amount of borrowing? It must have been based on a valuation. What was that valuation?
- 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 want to direct the questions to follow a particular line.
- 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 letter sent on 3 October sought a sum of up to €127 million. That was a precise figure. On what valuation was that figure based?
- 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: With the legal borrowing limit approved, for how much would the DDDA have been able to enter into a transaction? Would it have been €220 million or €375 million, because it had reached its requirement?
- 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: Give me the basis-----
- 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 basis of the valuation for €375 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: When was that done?
- 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 certain it was done prior to this letter issuing on 3 October?
- 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: If that was the case and they were coming up with a valuation of €375 million, why did the DDDA only look for a loan facility that would have allowed it go up to a limit of €350 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: How did it suddenly arrive at a valuation of €375 million for the site?
- 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 is saying the DDDA entered into a transaction of the order of €375 million and it did not have an independent valuation done.
- 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: First, this was the biggest single transaction the DDDA had entered into. Mr. Maloney was its chief executive officer. A letter went to the Department which was a p.p. letter, of which Mr. Maloney had no sight. For that level of investment, should he not have had sight of that letter? Second, it was generally known that the market was falling, certainly from June or July 2006. It went...
- 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: It is noted that concerns were expressed by the executive to the board about-----
- 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: On the day, did Mr. Maloney express that concern about the valuation to the board? Did he have concerns about the €375 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: What date was that?
- 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: In terms of the amount put on the value, they valued it at €375 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: That had already gone 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: Would Mr. McCarthy regard that as unusual?