A worker at the Land Development Agency (LDA) mistakenly paid out €419,649 to the wrong supplier last year before the error was quickly corrected.
That is according to the 2024 annual report for the LDA which confirms that the human error made in August 2024 was reported to the board.
The report states that "the monies were recovered promptly and in full".
"A subsequent review of an enhanced supplier payment process by the company's internal auditors concluded that the controls around supplier payments are satisfactory," the report adds.
The €419,649 payout has drawn the attention of Comptroller and Auditor General Seamus McCarthy, who reports in his audit of the financial statements that the agency "made an undue payment of €420,000 to an existing supplier as a result of human error".
He states that "the payment amount was recovered in full from the supplier".
The report also reveals that the LDA carried out a comprehensive self-review of tax compliance for historic periods with external specialist tax assistance as part of on-going process improvements.
As a result that the LDA has a provision of €1.826m in its 2024 financial statements, it added.
In his report, the chairman of the LDA, Cormac O'Rourke, stated that the comprehensive self review of tax compliance was completed in the first quarter of 2025 for historic periods.
He said the outcomes of the reviews have been concluded for PSWT (Professional Services Withholding Tax) and RCT (Relevant Contracts Tax) resulting in a provision of €1.75m in the 2024 financial statements.
A review of VAT was due to conclude in June 2025, however on foot of the review a tax liability of €862,000 has been accounted for relating to 2024 and related estimate of interest arising of €75,000 included in the tax provision.
He said that the company has actively engaged with Revenue and will pay over any tax liability identified by the risk assessment in accordance with Revenue's Code of Practice for Revenue Audits and Compliance Interventions.
The annual report shows that the LDA last year recorded a pre-tax loss of €32.89m as it ramped up its spending by 86% from €21.4m to €39.8m.
In his statement accompanying the report, Mr O’Rourke said that in 2024, the LDA platform matured.
"We delivered our first homes through direct delivery, with circa 300 homes completed at Shanganagh. In total, the development will comprise circa 600 homes, with the remainder planned for delivery during 2025. Shanganagh is the largest public housing scheme in the State in recent years," he said.
"During 2024, a further c. 600 homes were delivered under Project Tosaigh, bringing the total number of homes delivered by the LDA in the year to 890," he added.
"As we progressed through 2024, the real achievement was the massive increase in on-site activity which has continued into 2025," he noted.
The CEO of the LDA, John Coleman, said that by "the end of 2024, work was underway on almost 40 LDA direct delivery sites with the combined potential to deliver in the region of 20,000 homes over the coming years".
In post balance sheet events, the report outlines an LRA acquisition spree on sites for development in 2025.
The report states that on January 28 2025, the LDA acquired a site at Royal Liver Retail Park, Naas Road, Dublin 12 for €38m and followed this up on February 18, 2025, when it acquired land at Marina Quarter, Centre Park Road, Cork to facilitate delivery of 337 homes, three retail units and other community, amenity and crèche units.
The report also shows that on February 28 2025, the company acquired a site at Stapolin, Baldoyle, Dublin 13 for €46m and on March 6th 2025, the LDA acquired land at Doyles Garden Centre, Cabinteely, Dublin to facilitate the delivery of 234 homes.
On April 11, 2025, the LDA acquired land at Woodbrook, Shankill, Co Dublin to facilitate delivery of 328 homes.
On future developments, the report states that the LDA has a budgeted Capital Investment Programme of €1.286 billion for 2025.
The report states that the Planned Capital Investment for 2025 includes €566m in relation to the Project Tosaigh initiative and €720m in relation to direct housing development.
Staff costs last year increased from €9m to €16.38m as numbers employed increased from 83 to 147. Mr Coleman receives a salary of €200,000.
The report states that the LDA entered into an operational lease agreement in July 2023 for the CEO’s electric company vehicle and the lease duration is three years and annual charge for this lease is €11,503 including VAT.
The report also states that in 2023, the LDA was granted planning permission for 852 homes on its Dundrum Central site.
"Judicial review proceedings in respect of the planning permission for Dundrum Central are ongoing, there is a hearing on 26 June 2025 in relation to one of the six grounds. Should the matter go to full hearing, legal costs that may arise could be in the region of €200,000," it added.
Reporting by Gordon Deegan
