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Ceisteanna Eile - Other Questions: House Prices (18 May 2023)

Paul McAuliffe: I thank the Minister of State. I welcome some of the issues he detailed. I am aware of the report that was commissioned by the Department of Housing, Local Government and Heritage which found that construction costs in Dublin were significantly higher - between 15% and 30% higher - than other European cities. When the report was examined, labour costs and also additional specifications...

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I want to return to the central issue here, which was the subject of the aforementioned KPMG report. We respect the fact that the KPMG was essentially an internal inquiry carried out by the governing authority of UL. On the basis of the last appearance by representatives of the university at this committee, my understanding was that the governing authority felt it had not been given...

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: It is an internal document, owned by UL and it is a separate process from the Committee of Public Accounts process. This committee has a responsibility to ensure value for money. It also has an obligation to secure, in public, the facts or details of incidents so that people can be held to account publicly. I fully appreciate the legal situation that UL is in and I understand that us...

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I am sorry-----

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I have been generous. I ask Professor Mey to answer the question.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: With respect, that was not the question. I am interrupting because that was not the question. Professor Mey is answering a different question. The governing authority initiated an inquiry because it had concerns. My question was whether the governing authority or the university believes it paid in excess of the market value.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: How can the University of Limerick say it had no concerns around the value of the site when no proper valuation process took place?

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I am asking the university whether it believes it paid in excess of market value.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: Professor Mey replied by saying it was value for money. That is a separate issue. Does she believe the university paid in excess of market value?

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I am being very clear. Does the university believe it paid in excess of market value? It is a simple question.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: The university did not pay to buy a paper. I know why it paid. It is simple. Does the university believe it paid in excess of market value? Yes or no.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I will put it this way. Does the university believe it paid market value?

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: Did the university pay above market value for the site?

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: Surely it is a legitimate question for the Committee of Public Accounts to ask the university. Did it pay the market value or in excess of the market value and have a reason to do so? The university may have had a reason to pay in excess of market value. My question is whether the university believes it paid the correct market value. Part of the problem in answering is that at the time...

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: In this hearing I am trying to quantify that decision. What did the decision cost?

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: Ms Fogarty is talking about valuations after the date. It is a simple question. Does the university believe it paid market value or in excess of it? If it believes it paid in excess, was there a reason for that? The reason I am asking that question is that it is the heart of the issue. A decision was made to purchase a site at a particular value. It is clear and has been fully accepted...

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: The only iconic thing about this is the breathtaking lack of ability to name the cost of the mistake. It is a simple question. How much did it cost? We accept a mistake was made. We have difficulties around having full public accountability because of legal actions. I accept that. Unfortunately I will not have time to talk about that. There will be an opportunity in the future when the...

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: The witnesses are talking about value for money rather than the appropriate value of a transaction. They are different things.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: I was going to say that.

Public Accounts Committee: Financial Statements 2021: University of Limerick (18 May 2023)

Paul McAuliffe: The university discounts the €3 million valuation.

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