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Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: Three members of the board, including its chairman, very often had to leave around the discussion of this project. Did that strike Ms Moylan as odd at the time?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: Did it not strike Ms Moylan as odd at the time that three out of seven members of the board had such an interest in such an important deal?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: It goes back to cultural issues at the time, and I am not entirely sure it is not relevant to the way board members were selected. I want to look into the detail as the board came to value the site. A report from the Comptroller and Auditor General from February 2012 states that the board was trying to establish a valuation for the site and: [I]n June 2005 the authority had obtained an...

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: Did Ms Moylan see any plans or drawings that were demonstrating the plot ratio, how it would fit on the site and what the spread of commercial development versus residential versus other would look like?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: So Ms Moylan never got an idea as to how the value of the site could be maximised from a commercial point of view after buying the site?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: The board came at a price for the site based on different plot ratios that were changing, but from what I see there was no formal business case as to how that money would be realised post-acquisition.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: But the board would have said that this was a lot of money and queried how it would make it back.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: But that was discussed at the board only after it had agreed the bid.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: The February 2012 report states: After the bid had been submitted, Becbay Limited commissioned the valuers CBRE to carry out a formal valuation of the site to support the financing application to Anglo Irish Bank. Their report placed a value of €412 million on the site as at 3 November 2006.In terms of the higher valuations placed on the site by Donatex of up to €430 million,...

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: I am completely confused now. I thank Mr. McCarthy for that clarification. I am trying to get at the executive examining the business case and what can possibly be done with this site. Judging by the minutes and the notes I have seen, the board did not get a full business case or the kind of details one would like to know when making a purchase of this scale. From where did the executive...

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: When the Department approves an acquisition of the authority, does the former conduct a value for money analysis?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: Not on anything else.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: I wish to discuss the exposure under the loan agreements. The authority's intended liability was capped, but that cap was later removed.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: In November 2006, there was an understanding that the liability was capped, but then it exceeded that amount.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: How did that happen?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: The authority eventually provided guarantees that covered Becbay in its entirety, 26% of all interest due and 26% of all cost overruns on the site's remediation. These financial problems were known to the board in 2008, when Ms Moylan left. It strikes me as odd that, if the authority sought legal advice to protect itself, it then covered the borrowings of the joint venture in its entirety...

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: Does Ms Moylan believe that the board might have been misled by the executive?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: The authority did not honour its agreement with the shareholders when entering into the agreement with the banks. Is that what Mr. McCarthy is saying?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: Did the DDDA have representatives on the board?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General: Dublin Docklands Development Authority (Resumed) (2 May 2013)

Eoghan Murphy: I have spent more than enough time on the point. I thank Ms Moylan for her very helpful answers. I hope that when we get to speak to the other board members, they will be as helpful as she has been in helping us to discover more about what was happening at the time on the acquisition of the site.