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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: When did that take place?

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

Eoghan Murphy: Mr. Maloney proposed it to 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: I want to come back to the cap.

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 conclude, but I would like to come back in.

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

Eoghan Murphy: That was why the roles had been separated.

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

Eoghan Murphy: But she had to seek sanction from the Minister; it was not for her to give sanction.

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

Eoghan Murphy: She also said she had not reported back from the board to the Department.

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, as far as Mr. Maloney is concerned, when he had this discussion during the one-hour teleconference board meeting, he was giving formal notification to the Department.

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

Eoghan Murphy: What would be considered to be a complete change in circumstances in seeking sanction?

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

Eoghan Murphy: Unfortunately, Mr. Maloney cannot be comfortable that the Department knew because of the exchange of the information right up until 19 October-----

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

Eoghan Murphy: -----and because Ms Moylan told the committee that she had not reported back to the Department what had been discussed by the board. I do not know how one manages this because the same person is involved, which is why we are discussing the conflict. The bid was made the day after the one-hour teleconference meeting on 24 October. Earlier Mr. Maloney said that at the outset of exploratory...

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 what happened between 3 and 24 October not confirm Mr. Maloney's initial fears that the authority was starting too late because it was all so rushed? It had a one-hour teleconference call on 24 October and only then did Mr. Maloney give the correct information to the Department for sanction that would be approved three or four hours later for this 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: We touched on the valuations. I refer to the board minutes of 20 October. A paper from that meeting entitled, The Site at Poolbeg: Proposal for Acquisition, was adopted by Mr. Mulcahy on 19 October for that board meeting. The paper mentions two valuations. One was €240 million based on the work done by the CBRE in 2005 and the other was €268 million, a recent internal...

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 refer to the letter of 12 October. From where had the figure of €220 million come?

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

Eoghan Murphy: Three other figures had been mentioned by mid-October paper - by 12 October - and there are another two figures in the paper of 20 October.

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 2005 CBRE figure was €240 million, yet the letter stated the figure was €220 million. I accept that Mr. Maloney did not look at the letter before it was issued and the official had been working off the internal valuations the authority had at the time, yet on 20 October he had an internal valuation for €240 million from the CBRE, but it was not included in the letter.

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

Eoghan Murphy: What was the person's reference points for the letter dated 12 October?

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

Eoghan Murphy: Not the €240 million valuation.

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 figure of €268 million is referred to as a recent internal valuation. I must conclude it was furnished after 12 October.

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 valuation in the letter to the Department dated 12 October was €220 million. There was a figure of €240 million based on a 2005 CBRE valuation and that is sourced in the document of 20 October. There is a valuation of €250 million - a typo - in the minutes of the meeting of 24 October. The next valuation is €268 million, an internal figure mentioned in the...