DDDA reports being discussed on RTE now

[DCon]

the reports were "leaked" apparently

[C. Flower]

Thanks, Dcon. Listening.
DDA did a deal to create a 16 storey building including an Anglo Irish headquarters.
High Court found that the planning permission should not have been given.

Report a "substantial number of the certificates (i.e. Planning Permissions) could be considered non compliant.

A lot of these apply to buildings already constructed.

[DCon]

sounds like all the costs (and risk) was outsourced to the DDDA..

[C. Flower]

Glass Bottle Site - bought for development as joint venture - for 400 million.
Bernard MacNamara, the DDA and private clients.

The investment of DDA "has been written down to nil"
The interest is costing 5 million a year.

The interest accruing on all borrowings in relation to 400 billion purchase could end up being paid by the DDA, not MacNamara and the Daveys "Private group".

This is likely to go to Court.

The DDA could also be liable for all of the cost overruns - a very costly contaminated site.

The bills will be paid by the Exchequer.

Three reports

1. Financial - purchasing etc.
2. Planning Report
3. New Exec Board (Chair Naoimbh Brennan) - Corporate Governance issues.
"A loose culture in relation to financial systems, salaries, staff contracts rested with one individual, lack of oversight, no value for money consideration, significant risks out of the planning issues.
Key information on Planning Permissions was deliberately held from the new Board."

"Political dynamite" - 2 Anglo Irish reps - Bradshaw and Fitzpatrick - not looked into.

THe DDA is now a loss maker due to the "Glass Bottle" site.

John Gormely has made a statement saying he had the reports in February and were circulated for response - still ongoing. He hopes to publich "soon" - next month /

[Digout]

Sounds very bad for FF.

[DCon]

Sounds very bad for FF.

sounds worse for the Irish people who will (again) have to pay the bill for incompetence

[ZANU-FF]

people people dontcha know?

FAS was the slush fund for grass roots gombeen FF

DDDA was the slush fund for the big boys of FF

either way, it is all about FF attempting to legitimise the theFFt of taxpayers cash

[C. Flower]

Bad for us.




The Dublin Docklands Development Authority has published its Annual Report and Accounts for 2008. The financial information in the document confirms that:




On an operating basis before impairments, the Docklands Authority had a deficit of €27 million in 2008 [2007: surplus of €3 million].
At the end of 2008, the Docklands Authority faced impairments, losses and other writedowns on its various property assets of €186 million.
Combining the operating loss and impairment losses [and other writedowns], the Docklands Authority ended 2008 with a deficit in its [I]consolidated income and expenditure account of €213 million [2007: surplus of €3.7 million]. The consolidated income and expenditure account includes the Docklands Authority's share of the liability of Becbay Ltd.
At the end of 2008, the Docklands Authority had net assets in its own single entity balance sheet of €26 million [2007: net assets of €177 million].
The Authority has net liabilities in its consolidated balance sheet of €48.5 million [2007: net assets of €177 million]. [The consolidated balance sheet includes the Docklands Authority's share of the liability of Becbay Ltd.]
http://www.ddda.ie/index.jsp?a=1497&n=620&p=105
From the Galway Tent Blog -

http://1.bp.blogspot.com/_qdRqFPGZw2o/Sxgh-QJJAaI/AAAAAAAAB7Y/odUPHzxgopk/s320/monkey2-1.PNG
http://galwaytent.blogspot.com/2009/12/shock-news-dublin-docklands-archbishop.html

[Digout]

Loads of hassle for FF in the Dail over the report.

[DCon]

Loads of hassle for FF in the Dail over the report.

They can never be hassled enough.

gambling taxpayer money on property speculation and giving Anglo and Davy a one-way bet is not acceptable.

Anyone know who the company that profited from the sale of the glass bottle site to the DDDA are linked to?

[Digout]

Anyone know who the company that profited from the sale of the glass bottle site to the DDDA are linked to?

A close friend of FF no doubt.

[Béal na Bláth]

Excellent synopsis of the murky bottle site sale on finfacts here (http://www.finfacts.ie/irishfinancenews/article_1018415.shtml) Wouldn't you know Seanie fitz name pops up again.

[jmcc]

Wonder if this will encourage some of the disaffected FFers to do the right thing and get rid of Cowen? It is very bad for Cowen though and it couldn't have come at a worse time - fortunately. :)

Regards...jmcc

[Digout]

Excellent synopsis of the murky bottle site sale on finfacts here (http://www.finfacts.ie/irishfinancenews/article_1018415.shtml) Wouldn't you know Seanie fitz name pops up again.

Very murky indeed. Thanks for posting that.

[johnfás]

Oh yea of course Fitz's name pops up. Here is an extract from an essay I wrote partially related to this matter at least 4 months ago. It would appear the leaked report today brings us no further than this does...


Equally worrying is the question of whether a non-executive director can be adequately considered independent when positions are held across boards of multiple, and often interacting, corporations. In 2001, Ned Sullivan, chairman of Greencore, was appointed a non-executive director of Anglo Irish Bank – Sean FitzPatrick, chief executive of Anglo Irish Bank, was appointed a non-executive director of Greencore in 2003. Similar cross-directorships existed between Anglo Irish Bank and the Dublin Docklands Development Authority (DDDA) – a major semi-state company engaged in redevelopment projects in Dublin. It has subsequently transpired that Anglo Irish Bank was also a major lender to the DDDA, providing the primary funding for many of their redevelopment projects. Individuals who sat as directors on the boards of both corporations have been reported as present at board meetings of the DDDA where major investment decisions involving finance from Anglo Irish Bank were approved.

[Iarmhi Gael]

House of cards beginning to tumble....

I hope Sean Fitzpatrick does the honerable thing and shops everyone who he was in Bed with - and I mean everyone

[Digout]

House of cards beginning to tumble....

I hope Sean Fitzpatrick does the honerable thing and shops everyone who he was in Bed with - and I mean everyone

He wont. I bet he's been promised that he wont get any grief if he stays quiet.

[Béal na Bláth]

Modify thread title perhaps?