Cowen gave DDDA loan approval with astonishing haste - Hogan

[John Kalahan]

Cowen gave DDDA loan approval with astonishing haste - Hogan

It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.


Leinster House
Dublin 2
IrelandContact
Joanne Lonergan
016183858 Phil Hogan TD
Environment, Heritage & Local Government

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Cowen gave DDDA loan with shocking haste


Cowen gave DDDA loan approval with astonishing haste - Hogan


It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.

The Minutes of DDDA Board meetings show that, in October 2006, it took then Finance Minister Brian Cowen just 21 days to grant a loan extension to the DDDA.

“It would take an ordinary person longer to get approval for a credit card than it took for the DDDA to get approval for millions from Brian Cowen.

“Minutes of DDDA Board meetings released to Fine Gael show an astonishing haste by the then Minister for Finance in approving millions for the DDDA. Any loan extension for the DDDA must be approved by the Ministers for Environment and Finance. The DDDA Board minutes of October 3rd 2006 show that such a request was made to both Ministers for purchase of the Irish Glass Bottle Site. By October 24th, Brian Cowen had already approved the request.

“This is an astonishing turnaround for a speculative punt using taxpayers’ money on a property deal that has gone horribly wrong. The grossly expensive and reckless deal for the Irish Glass Bottle Site has left the State exposed to millions as it may have to bail out the DDDA. It is now clear that Brian Cowen’s hasty decision to recklessly spend taxpayers’ cash is at the heart of the matter.

“This Thursday, the Government will have the opportunity to explain fully exactly why this reckless decision was made, when I raise the issue in the Dáil during Priority Questions with the Environment Minister.”

[jmcc]

Annnnnd they're off.

Looks like Cowen is about to get it in the neck.

Regards...jmcc

[John Kalahan]

Cowen is no property guru

Diving in on an industrial brown field site and paying a phenomenal price for a site a few metres over seal level without proper investigation

[FlyOver]

The Minutes of DDDA Board meetings show that, in October 2006, it took then Finance Minister Brian Cowen just 21 days to grant a loan extension to the DDDA.

[sarcasm]Well it makes complete sense now, back in 2006, land was appreciating at about 1% a day. To carry out a long investigative process could have cost the tax payers millions of euro more for the Glass Bottle Site. Just think of all the money he saved!!! [sarcasm/off]

[Anorakphobia]

This is massive oppurtunity for the Opposition.

Cowen has consistently claimed he didn't overinflate and frequently preached caution on the property bubble and yet here we have him eagerly signing the taxpayer up to the most calamitious property punt in the State's history and 100's of millions of losses.

This is the actual as opposed to anecdotal evidence that FF were totally committed to inflating the whole bubble.

Furthermore, it's now time to relentlessly attack Cowen on his own, having damaged FF and the Greens repeatedly.
He will crack, of that there is no question. He is ready to blow.

We are now at endgame, providing the Oppossition play the rest of their hand well.

[Dillinger]

Cowen gave DDDA loan approval with astonishing haste - Hogan

It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.


Leinster House
Dublin 2
IrelandContact
Joanne Lonergan
016183858 Phil Hogan TD
Environment, Heritage & Local Government

visit site »
Cowen gave DDDA loan with shocking haste


Cowen gave DDDA loan approval with astonishing haste - Hogan


It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.

The Minutes of DDDA Board meetings show that, in October 2006, it took then Finance Minister Brian Cowen just 21 days to grant a loan extension to the DDDA.

“It would take an ordinary person longer to get approval for a credit card than it took for the DDDA to get approval for millions from Brian Cowen.

“Minutes of DDDA Board meetings released to Fine Gael show an astonishing haste by the then Minister for Finance in approving millions for the DDDA. Any loan extension for the DDDA must be approved by the Ministers for Environment and Finance. The DDDA Board minutes of October 3rd 2006 show that such a request was made to both Ministers for purchase of the Irish Glass Bottle Site. By October 24th, Brian Cowen had already approved the request.

“This is an astonishing turnaround for a speculative punt using taxpayers’ money on a property deal that has gone horribly wrong. The grossly expensive and reckless deal for the Irish Glass Bottle Site has left the State exposed to millions as it may have to bail out the DDDA. It is now clear that Brian Cowen’s hasty decision to recklessly spend taxpayers’ cash is at the heart of the matter.

“This Thursday, the Government will have the opportunity to explain fully exactly why this reckless decision was made, when I raise the issue in the Dáil during Priority Questions with the Environment Minister.”

I would be too embarrassed to stay in office over something like this.

[jimbo99]

[sarcasm]Well it makes complete sense now, back in 2006, land was appreciating at about 1% a day. To carry out a long investigative process could have cost the tax payers millions of euro more for the Glass Bottle Site. Just think of all the money he saved!!! [sarcasm/off]

What the FF would a solicitor know about buying property?

[loner]

Wonder will the Govt. be gone from office before we see the Brennan Reports?

[Newsy]

Any loan extension for the DDDA must be approved by the Ministers for Environment and Finance.

Dick Roche is also tied into this.

Wasn't he Minister for Environment, at the time??

[John Kalahan]

Why did Mr Cowen not spend the money on New Primary Schools or Water Treatment?