Docklands body will need Government help
Thursday, 26 November 2009 14:33
The Dublin Docklands Development Authority has said it will need financial support from the Government to survive following the collapse of the property market.
Chairwoman Professor Niamh Brennan said the authority had a deficit of €213m last year and that its position was clearly serious.
In its annual report, the DDDA referred to its stake in the the purchase of the Glass Bottle site at Ringsend, which has seen its value fall by 85%.
There was criticism of this deal at the time because the DDDA was acting as both the planning authority and developer in the deal. There was also criticism because Anglo Irish Bank was funding the purchase while its chairman Sean FitzPatrick was also a non-executive director of the DDDA.
The High Court also found that the authority had acted outside its powers in another deal involving the construction of new headquarters for Anglo Irish bank on the quays.
Today Professor Brennan, who was appointed last March, said public confidence in the authority had been undermined but a review was underway to ensure the authority complied with corporate governance best practice.
She said that, with financial assistance from the Government, the authority could restore its mandate of redeveloping the docklands.
