Ann Phelan (Carlow-Kilkenny, Labour) | Oireachtas source

I do not propose to accept the amendment. The Dublin Docklands Development Authority has contributed over the years to a community fund administered by the docklands community trust in conjunction with the docklands community council. That fund has accumulated assets of some €1.3 million and uses the interest earned to enhance the lives of docklands residents primarily through the provision of grants for local school leavers to pursue third level educational courses.

In seeking to dissolve the authority and transfer responsibilities to Dublin City Council, the Government was anxious that no additional financial burden should be placed on the taxpayer. By means of a prudent transition plan devised by the authority and the city council's docklands unit, an orderly wind-down of the authority is ongoing. This wind-down has sought to generate sufficient funds from the sale of the authority's residual assets to discharge all its liabilities at dissolution. Given the ongoing nature of some aspects of the authority's business, the final financial picture will not become apparent until all liabilities are finalised and discharged when the dissolution comes into effect.

A commitment was given that the authority would make a substantial contribution to the community on its dissolution. This commitment remains in place and the level of contribution will be decided in the light of the financial circumstances of the authority on dissolution. I assure Senators it will be substantial and will enable the docklands community trust and Dublin City Council's docklands unit to continue to support local community and educational initiatives.