Results 1,461-1,480 of 7,777 for speaker:Joe Costello

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I am also seeking to establish the circumstances relating to the sale and whether it was advertised publicly. It was stated earlier that two of the 11 were publicly advertised for sale. How could the terms of the sale, namely, that the property would be used solely for the purposes of the purchaser's business activities, when the purchaser has now offered the existing tenant a 13-year...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Was it subsequently sold to another purchaser?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: And not for any speculative purposes?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I understand that a 13-year lease has been offered by a new purchaser from Munster Packaging Limited.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Robert Ryan.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Who is Robert Ryan? In light of the conditions under which the property was sold to Munster Packaging Limited, how could the company dispose of it for speculative purposes? It is clear the property is now being used for such purposes. If it was to be sold to the company, the condition which attached was that the property would be used for the sole purpose of carrying out its business....

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I am in complete agreement with the Chairman. However, it was stated that HL Commodity Foods Limited was made an offer and that in 2006 it was asked if it would be interested in purchasing the property. A valuation has been placed on the property at that time. Was a further offer made to it when the property was purchased by Munster Packaging Limited in 2013? Was it aware of the offer to...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Was this the same process as the one that was used after Munster Packaging Limited indicated an interest? The witnesses indicated that all 11 sales took place because business people expressed an interest.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Did HL Commodity Foods Limited and Munster Packaging Limited express interest? How was this dealt with?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Am I correct that at that point HL Commodity Foods Limited was the tenant in the two units?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: When was the offer made and when was it rejected?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Then what happened?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Who is Mr. Ryan? Does he represent Munster Packaging Limited?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: So it was sold to Munster Packaging Limited.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: When did the sale take place?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: While reading his notes, maybe Mr. Pakey could tell us what the relationship is-----

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Perhaps the delegates might provide the committee with a note on the occupancy rate of both land holdings and buildings, including information on overall square footage.

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: I understand the review undertaken of asset values led to a determination that there was a considerable degree of asset impairment. The value of the write-downs was €32.9 million, as recorded in the 2012 accounts. At the same time, as part of that review, the valuation process indicated that there was a total market revaluation upwards of other assets to the tune of €39...

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: Is Mr. McGarry saying that the write-down took place prior to the establishment of the public limited company and that the upward revaluation of €39 million moves into the figures not as a deficit but a plus? In other words, the write-down is no more at this point in time but the new company has the benefit of the write-up?

Public Accounts Committee: 2013 Annual Accounts of Shannon Free Airport Development Company (9 Oct 2014)

Joe Costello: In practice, however, is the effect as I have outlined?