€213m deficit for Dublin Docklands Authority
Thursday, 26 November 2009 19:50
The Dublin Docklands Authority has said it will need financial support from the Government to survive following the collapse of the property market.
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Authority Chairperson Professor Niamh Brennan said the Authority had a deficit of €213m last year and that its position is clearly serious.
In its annual report the Dublin Docklands Development Authority 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.
Because Anglo Irish was funding the purchase while its chairman Sean Fitzpatrick was also a non-executive director of the Docklands Authority.
The High Court also found 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 complies with corporate governance.
She said with financial assistance from the Government the authority can restore its mandate of redeveloping the docklands.
