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Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: If one looks at the figure communicated to the Minister, which we accept was a mistake and which was rectified but in my opinion only at the eleventh hour on 24 October, we are a long way from €220 million and even €375 million. We are talking about a figure like €437 million. When Mr. Bradshaw was before us, he put it that 50% of a large number was the same as 25% of a...

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: He was making the point that 25% of €400 million was going to come in at around-----

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: We were talking in rough figures but he did make the point that in terms of what was being sought in terms of sanction from the Department, even though the size of bid had increased dramatically, it was basically the same thing because the percentage that was being taken in a joint venture had decreased.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: I was confusing the two transcripts.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: Does Mr. Maloney accept Ms Moylan's view on that?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: I will move to what happened after the meeting on 24 October. The bid was made on 25 October at €412 million. When did Mr. Maloney learn of that figure?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: How did he learn of that figure?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: Was it a telephone call with Mr. McNamara or his staff?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: How did he continue to do that?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: I would like to continue on the minutes of the meeting of 24 October. The sanction that came from the Department of the Environment, Community and Local Government which had come through the Department of Finance re ministerial approval of property acquisitions in the Dublin docklands stated there was approval for borrowing by the authority up to the statutory limit of €127 million....

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: However, on 23 October, Mr. Maloney was recommending a joint venture.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: Yes. The recommendation involved taking a 26% stake with a bid between €275 million and €375 million. Was there any voice of dissent on the board?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: At the meeting on 24 October, was there any hesitation or dissent at board level?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: Was the hesitation on whether the bid was the best one?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: In the recommendation Mr. Maloney made at the 20 October meeting, he spoke about a range between €275 million to €375 million for the bid. That is a significant variation. Why was that the case?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: It seems that the authority picked the range, but it was up to Mr. McNamara what the final bid would be.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: Yes. How was this communicated to Mr. McNamara?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: The limit of €375 million was decided on 20 October and the bid was made on 25 October. The authority waited until 23 October to inform Mr. McNamara of the upper bid limit.

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: Would Mr. Maloney not have thought of informing him by telephone sooner?

Public Accounts Committee: Special Report No. 77 of the Comptroller and Auditor General - Dublin Docklands Development Authority: Discussion (Resumed) (12 Dec 2013)

Eoghan Murphy: It is not just the valuation of the site that changed in that period of time; it was also the percentage of the joint venture in which the DDDA would be involved.