Phil Hogan (Carlow-Kilkenny, Fine Gael)
Link to this: Individually | In context

Question 205: To ask the Minister for the Environment, Heritage and Local Government his views on the exposure to the taxpayer over the property deal conducted by the Dublin Docklands Development Authority at the former Irish Glass Bottle site in Poolbeg; his further views on the financial position of the DDDA; if he will insist on an independent valuation of the site in order to accurately access the financial position of the DDDA; and if he will make a statement on the matter. [6431/09]

John Gormley (Dublin South East, Green Party)
Link to this: Individually | In context

I refer to the reply to Question No. 401 of 17 February 2009.

The Dublin Docklands Development Authority is self-financing and does not receive Exchequer subvention. Under section 30 of the Dublin Docklands Development Authority Act 1997, the Authority may, with the consent of the Minister for the Environment, Heritage and Local Government, given with the consent of the Minister for Finance, borrow money and in this regard may incur liabilities not exceeding €127 million. Any moneys borrowed, and any interest accruing thereon, may be secured on the revenue, funds or property of the Authority.

The Authority has made a significant investment in the acquisition of the Irish Glass Bottle (IGB) site in Poolbeg. I understand the Authority considers it likely that the value of the IGB site is some 20% to 30% lower than when it was purchased, and that there will be a professional valuation of the site within the next few weeks.

The IGB site remains an important development asset and, in due course, the Authority's interest in this property will facilitate it in achieving its long-term objectives for the sustainable regeneration and development of the Poolbeg area.