Docklands accounts show €27m loss
Tuesday, 24 November 2009 19:52The annual accounts for the Dublin Docklands Development Authority for 2008 have been finalised, according to the Minister for the Environment, John Gormley.
Mr Gormley told the Dáil that the accounts show a loss of €27 million.
The Minister said the collapse in the financial and property markets has created serious challenges for the authority, with serious consequences for its financial standing.
He said the Authority has written down the value of key assets and that the accounts value the Irish Glass Bottle site at €50 million.
Fine Gael's Phil Hogan said what has happened in the DDDA was one of the biggest scandals for a long time.
And Mr Hogan asked what the cost will be to the taxpayer for the type of deals that were done.
The €27 million figure quoted by MrGormley for the loss in the DDDA for 2008 is an operating loss.
That means it does not include the huge writedowns on its property assets, which will be included when the accounts are published later this week.
The full -ear loss is understood to be significantly higher, as it will include the DDDA's share in the 85% writedown of the Irish Glass Bottle site, among other writedowns.
