Results 901-920 of 1,776 for speaker:Derek Nolan

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

Derek Nolan: The commentary is there was a gentleman's agreement that Limerick racecourse, which sold the site, would look after the compacting and filling and Bord na gCon expected to pay €3.4 million. Was this Mr. Neilan's understanding at the time?

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

Derek Nolan: The board suddenly found out that it had been caught and that the site's cost was much higher than €3.4 million.

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

Derek Nolan: What was the provision?

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

Derek Nolan: How much was that?

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

Derek Nolan: The provision was between €200,000 and €300,000, but it cost €1.014 million.

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

Derek Nolan: I accept Mr. Neilan's explanation of the reasons, but when one buys a site, one includes matters such as this in the contract. One does not take a chance or agree an understanding that something will happen.

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

Derek Nolan: When one spends €3.4 million on a site, one wants to know that that is the cost.

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

Derek Nolan: Was the board warned by its legal people? Was it advised that this could all fall through and it would have no legal recourse?

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

Derek Nolan: But the board had not budgeted for it.

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

Derek Nolan: The board took a chance and lost.

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

Derek Nolan: I understand what Mr. Neilan is saying, but what he is really saying is that the board got hit with an extra cost and was lucky that building costs decreased as well, preventing it from being caught. That is not a saving. It means that the board lost out on the benefit that it should have received from cheaper prices in the construction industry, as it had not built this provision into its...

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

Derek Nolan: We disagree on the interpretation of what happened and the benefit. When the board bought the site, it should have set out legally or via an agreement who was responsible for filling it in. If that was the board, it should have included the cost in its budget. If that was someone else, it was his or her responsibility. Instead, people decided to do their best and see what happened and...

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

Derek Nolan: The board included it in its project, as it only made provision for €200,000. Regardless of whether it was a legal factor, it was a financial factor in the deal.

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

Derek Nolan: We received correspondence from a former board member. I appreciate that the person did not put his or her name to it.

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

Derek Nolan: According to it, when the board first considered purchasing the site in 2003, almost 14 acres were on offer for €2.2 million as opposed to the €3.4 million that was paid. However, the board's auctioneers and engineers had estimated a minimum of a further €1.5 million to be spent on fill. On this basis, the board decided not to proceed, as it was believed that the cost...

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

Derek Nolan: Is it making money?

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

Derek Nolan: On the €30,000 deficit per annum, does Limerick greyhound track bear any responsibility for the cost of its development? Are any of the loan or interest repayments included in that figure?

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

Derek Nolan: Looking at it then from a return on investment point of view, which is what we are not doing, all of this debt on the group has been accumulated by a stadium that is now operating independent of the debt. Independent of the €12 million of debt in respect of its construction, it is still making a loss.

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

Derek Nolan: I have a further question in relation to the Limerick site. The reports say that the Irish Greyhound Board paid €1.2 million for a new car park in respect of which it expects to obtain phenomenal rent. Perhaps the witnesses could explain this.

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

Derek Nolan: It is stated in a communication the committee received.