The DDDA is insolvent

[Cassandra Syndrome]

Earlier this week the Minister for the Environment said that the Dublin Dockland Development Authority lost 27 Million Euro in 2008. Today's annual report reveals that it lost 226 Million Euro in 2008. Its Net Assets at the end of 2007 were 177 Million Euro. At the end of 2008 they had shrunk to 26 Million Euro. As most of their "assets" were based on overvalued 2008 property values, it is safe to assume that the DDDA is insolvent.

However they are proposing to use government funds to bail them out. This is wrong. Here is their annual report 6 months late.

http://www.dublindocklands.ie/files/..._AR_08_WEB.PDF

[hammer]

Put all its assets into NAMA. That was the plan anyway

Were the directors reckless ? You betcha ...............

Maybe the Attorney General could investigate.

Forgot - all the board members are Government appointees..................HO HO HO

[DCon]

If you assumed the LTEV of all their properties was peak price - 10% I wonder how their accounts would look???

[hammer]

John Gormley is doing a great job.

First the motor trade
Then the bail out of FF
NAMA
DDDA
What next

[Cassandra Syndrome]

This basketcase is in the news again as DeBurca warns of Green Party pandering and now it is revealed the Cowen signed off pratically everything.

This government is not going to survive much longer.

Cowen had sign-off on funding for Docklands body - National News, Frontpage - Independent.ie

[hammer]

| The Post

Have they accounted for the CHQ fall in investment value yet ?

The scary thing is excluding write offs they still lost €27 million last year.

It will take a bit of "trimmimg" to turn this around.

[Mitsui2]

This government is going to survive much longer.

Hopefully a case of "spot the missing word"????

[Cassandra Syndrome]

Hopefully a case of "spot the missing word"????

Thanks. Need another cup of coffee methinks!

[Cassandra Syndrome]

| The Post

Have they accounted for the CHQ fall in investment value yet ?

The scary thing is excluding write offs they still lost €27 million last year.

It will take a bit of "trimmimg" to turn this around.

No worries their new PR guru, will convey a sense of well being and calm, with ambient subliminal advertising and a celebrity actor, like the one Halifax used for their TV ads and look where they are now....

[hammer]

Merge DAA with DDDA - I wonder what the Quango would be rebranded as ?

The DO DO DO the DA DA DA............