Results 20,981-21,000 of 26,076 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: I draw the committee's attention to a key point. Had this project not gone ahead, additional funding of €52 million would have been available to the Dublin docklands for projects and amenities for people in the area. Any money the DDDA earns in its final incarnation goes back to the Exchequer. The whole thing appears to have been enormously rushed. When things are rushed, normally...
- 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 would the Assistant Secretary, Ms Moylan, have become aware that there was €3.75 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: 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.
- 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 is €37 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 was the structure? Was it to be repaid to the State or was it in the form of capital?
- 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: Clearly, there has been a large State investment in the Dublin docklands. The point I am trying to make is that ultimately the authority was dealing with taxpayers’ money.
- 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: We can beg to differ on that but ultimately if the authority was making losses it had less money to invest in amenities, social infrastructure and housing in the area.
- 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: Therefore, it has an impact.
- 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: Fine.
- 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 due respect, one of the valuations was at the point of the peak, in June 2005, and another was after the bid. This was an incredible, huge investment. I contend that there was a need for an independent valuation to be sought by the board. Looking back, does Mr. Maloney not feel this would have been reasonable? Did anyone on the board say that before a final deal a third...
- 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 due respect, that was after the 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: 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: Did they put a value on it at the time?
- 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 granted?
- 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: Did they limit the period for the bids?
- 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 did the €220 million arise? It is not in the original letter of 3 October.