Results 6,281-6,300 of 7,777 for speaker:Joe Costello

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Why and how were they selected?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I understand that, but what were the criteria for choosing them? Shannon Development carried out a review of all properties and land-holdings and determined that some were impaired. Then, some were revalued. How did Shannon Development decide to dispose of 11 properties out of that? Presumably the decision to dispose of the properties was made after the survey and review had taken place...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Is Mr. O'Driscoll suggesting that the sale of the 11 properties was not at a proactive move on the part of Shannon Development arising out of the revaluation of the existing properties, but rather a response to individual business people coming to Shannon Development seeking to purchase the properties?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: When did valuation take place? When did the review of the value of all of the properties of Shannon Department take place? Was it in 2012?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: There seems to be an anomaly. Shannon Development carried out a review of all of its properties and determined those that were impaired and that had to be revalued upwards. The only ones that are sold are ones that have been in receipt of individual expressions of interest from individual business people. It does not seem to be done in an holistic fashion. It seems to be very piecemeal,...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: But none of them was advertised.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I agree entirely, but Shannon Development is restructuring. As a result of the review, it was determined that the value of 49 industrial buildings and 61 industrial land holdings required to be written down. It was also determined that the value of approximately another 400 required to be written up. There was engagement to a certain degree in sales, but only two of the 11 properties were...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Will Mr. O'Driscoll give us a note on the 11 properties disposed of? Will he tell us what their value was and to whom they were disposed? Will he give the same information on the two that were actually advertised? How were they advertised?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: There is no question whatsoever that there is anything out of order. It is to seek clarification of how the process worked. Will Mr. O'Driscoll make a statement on the rental income?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Shannon Development has over 500 units between land holdings and buildings. Can Mr. O'Driscoll give us any idea of the numbers actually generating income or a return?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: That is roughly 250 vacant properties.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: It includes buildings and land? What about land and buildings that are unutilised?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: A figure of 57%. That sounds huge.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: It certainly seems to be a very large number. Does this reflect the recession we have had in the past five or six years, or have there been unutilised buildings and land for a considerable period?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: As I make out from the first part of Mr. O'Driscoll's review, 61 industrial land holdings were subject to a write-down, while 43 were subject to upward revaluations. That is over 100 land holdings in all, some of which are being used productively. To what uses are they being put ? The majority, 61, or 60%, are being used unproductively or not at all.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Perhaps the delegates might provide the committee with a note on the occupancy rate of both land holdings and buildings, including information on overall square footage.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I understand the review undertaken of asset values led to a determination that there was a considerable degree of asset impairment. The value of the write-downs was €32.9 million, as recorded in the 2012 accounts. At the same time, as part of that review, the valuation process indicated that there was a total market revaluation upwards of other assets to the tune of €39...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Is Mr. McGarry saying that the write-down took place prior to the establishment of the public limited company and that the upward revaluation of €39 million moves into the figures not as a deficit but a plus? In other words, the write-down is no more at this point in time but the new company has the benefit of the write-up?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: In practice, however, is the effect as I have outlined?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: The impaired assets of €32.9 million are dispensed with, but there will be a plus factor in the commercial entity of €39 million.