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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: At that meeting of 20 October, who was on tele-conference?

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 meetings on both 20 and 24 October were conference calls.

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: Where were the others?

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: So everyone was present.

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: At what meeting did it come up that the deal changed from Bank of Scotland to Anglo?

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 24 October meeting was the meeting that agreed the bid price.

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 20 October meeting set the limit. What were the circumstances of the 24 October meeting? How did it arise at the meeting that Mr. Maloney was told about Anglo?

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 two days in advance? The 25th was the-----

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: -----bid.

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.

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 it Mr. Bradshaw?

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 aware at that time that AIB would also be involved?

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 was a tele-conference meeting for everyone.

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 everyone on the telephone lines?

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: Does Mr. Maloney, on mature reflection, believe he should have been more hands-on in the early stage of the process? Is there anything he would have done differently if he were back there again now?

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...

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: To whom did profits go? Did they go to the State?

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 a loss is made, fewer resources are available.

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: To say there is no impact on the taxpayer and the citizens in the area is not totally accurate. If a loss is made on a risky transaction, bearing in mind the large social dimension in the Dublin docklands, fewer resources go back into that area.