The Government's failed bid to host the EU's new anti-money laundering agency (AMLA) ended up costing more than €210,000 as officials said a financial incentive of up to €80m would be key to having any hope of success.
Ireland was one of nine countries which had sought to become the headquarters of the new agency but lost out in voting to Frankfurt in Germany in February.
In a series of submissions for Finance Minister Michael McGrath in the 12 months leading up to the decision, officials said the financial commitment to host the AMLA was likely to be between €60-€80m.
They said a suitable office building of around 10,000 square metres would need to be made available quickly and that rent would be in the range of €6-8m.
The IDA had said developers might be interested in providing a deal on costs given the high-profile nature of the anti-money laundering agency.
However, department officials said this could not be taken for granted and that rental costs would be in the region of €60 per square foot.
That would leave an annual rent bill of at least €6m before fit-out, maintenance, and car parking costs were considered.
One submission from last summer said: "When Ireland sought to host the European Medicines Agency (EMA), a sum of €83-88m was approved as a financial package and a sum amounting to €14.5m was approved for the European Banking Authority (EBA) bid.
"It is likely that AMLA will be considerably larger than the EBA and perhaps of a similar size to the EMA," it added.
The submission said Spain had already identified a building as part of their bid but that there was not yet full clarity from the EU Commission on how much specific information would be needed.
In another update for the minister, officials said Ireland would be seen as a "strong performer" and met all eight criteria that had been set.
That submission said: "The state has proven track records of good governance, ease of doing business both domestically, within the EU and internationally; and strong supervision. We have a highly educated workforce and provide both third level courses and micro qualifications of a high standard in relevant areas. We have excellent connectivity to almost all MS [member states]."
A submission from last autumn said the "main thrust" of Ireland's bid should be the technology expertise here with the IDA asked to "seek testimonials from non-nationals working in the tech sector, who can speak to positive experiences of living and working here."
Universities were also asked for their input including new courses on artificial intelligence and its use in the detection of money laundering.
The OPW were tasked with finding a suitable office space based on a lease of more than 25 years.
"We have also discussed the building’s security needs - physical and digital - which will have to be detailed in the bid document," the submission said.
The IDA had recommended a strong marketing campaign with "headline messages" on Dublin's advantages and the talent pool available in Ireland.
One of the final bid updates prepared by officials said: "Feedback on the campaign to date has confirmed the benefits that Dublin offers as the rational location for AMLA as a technology and finance hub and there is strong resonance with our assertion that this should be located in a smaller member state."
The Department of Finance said the final bill for the bid had been €214,000, the majority of which, a sum of €176,638, was spent on advertising.
A further €32,265 was spent on travel costs while €5,599 was paid for a launch event.
A spokesman for the department said: "Ireland made a serious, credible, and high-quality bid to host AMLA. The priority for the Department of Finance throughout is to make AMLA a success in tackling criminal and terrorist activity while protecting communities".
"We welcome the progress that has been made since the conclusion of the competition to host the authority and look forward to working with AMLA in Frankfurt as it commences operations over the coming months," he added.
Reporting by Ken Foxe
