Results 1,481-1,500 of 7,777 for speaker:Joe Costello

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

Joe Costello: The impaired assets of €32.9 million are dispensed with, but there will be a plus factor in the commercial entity of €39 million.

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

Joe Costello: Apart from the accounting practice, I am concerned about the substance of what was done. In substance, the €39 million upward revaluation involves money in the bank for the public limited company.

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

Joe Costello: Is it the case that from 5 September, there is no impairment in regard to what was dealt with in the 2012 accounts, but there is a revaluation upwards in regard to the €39 million which was not registered in the 2013 accounts?

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

Joe Costello: For the layman reading the 2012 accounts, the impression is given that there is something missing.

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

Joe Costello: I thank Mr. McCarthy for his clarification. I have no doubt that proper accounting practices were used. My final question relates to the sale of HL Commodity Foods Limited. There were two units in the Hospital enterprise centre in Limerick, which was owned by Shannon Development, and they were sold to Munster Packaging Limited. I understand a clause was written into the contract that...

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

Joe Costello: But none of them was advertised.

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

Joe Costello: I agree entirely, but Shannon Development is restructuring. As a result of the review, it was determined that the value of 49 industrial buildings and 61 industrial land holdings required to be written down. It was also determined that the value of approximately another 400 required to be written up. There was engagement to a certain degree in sales, but only two of the 11 properties were...

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

Joe Costello: Will Mr. O'Driscoll give us a note on the 11 properties disposed of? Will he tell us what their value was and to whom they were disposed? Will he give the same information on the two that were actually advertised? How were they advertised?

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

Joe Costello: There is no question whatsoever that there is anything out of order. It is to seek clarification of how the process worked. Will Mr. O'Driscoll make a statement on the rental income?

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

Joe Costello: Shannon Development has over 500 units between land holdings and buildings. Can Mr. O'Driscoll give us any idea of the numbers actually generating income or a return?

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

Joe Costello: That is roughly 250 vacant properties.

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

Joe Costello: It includes buildings and land? What about land and buildings that are unutilised?

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

Joe Costello: A figure of 57%. That sounds huge.

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

Joe Costello: It certainly seems to be a very large number. Does this reflect the recession we have had in the past five or six years, or have there been unutilised buildings and land for a considerable period?

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

Joe Costello: As I make out from the first part of Mr. O'Driscoll's review, 61 industrial land holdings were subject to a write-down, while 43 were subject to upward revaluations. That is over 100 land holdings in all, some of which are being used productively. To what uses are they being put ? The majority, 61, or 60%, are being used unproductively or not at all.

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

Joe Costello: I have another question on oversight. Will the company welcome the attention of this committee and the Comptroller and Auditor General in future? I know it is not obligatory but-----

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

Joe Costello: How does Mr. Pakey envisage oversight from the Department in future?

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

Joe Costello: I did indeed, yes.

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

Joe Costello: No liabilities are attached.

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

Joe Costello: That is for the future and people who are active at present will be covered by that. However, what about people who are no longer active? Are there deferred payments in respect of any of the staff Shannon Development has been dealing with in terms of the superannuation scheme?