Is DDDA insolvent following speculative investment? - Hogan

[powderfinger]

RTE report that DDDA Chairwoman Niamh Brennan has announced a serious situation for the authority.A deficit of €213,000,000 for last year.
She has also intimated that Government Aid would help the authority to refloat it's mandate.
In other words. The DDDA needs a bale-out.
RTÉ Business: Docklands body will need Government help

[alonso]

Of all the scandals, this is truly one of the greatest. As a planner, you dream of being handed the type of blank canvas DDDA were handed - right there in the centre of the capital city - with the momentum already there after the IFSC, with developers willing and able, a massive boom, transport links on the way via Luas and 2 new rail/DART stations - all delivered by the way (Luas in a fortnight or so). There was just so much that could have been achieved and in fairness some was achieved. Let's look at the results

- CHQ - a deadzone
- Grand Canal Theatre - a fine addition that will doubtlessly succeed
- Macken St Bridge - also open next month
- A world hub for financial services - difficulty there cannot be laid at DDDA's door
- the O2 with Crosbie, an awesome development
- The National Conference Centre, another massive development whose benefit will last and last
- Some great development particularly around Grand Canal
- A no go area once the offices close
- Very sour relationships with the locals at times
- Truly awful shoebox apartments all over the place
- Point Village mothballed
- U2 Tower mothballed
- IGB flushing away our money
- Poolbeg not even started
- No sense of place and no real attempt to integrate development or knit it into the existing city
- Filthy relationship with toxic entities like Seanie Fitz and Anglo
- Good development of the campshires
- Overall the total regeneration of a city quarter and an extension eastward of the city
- Spencer Dock "monstrosity" and all the waste of public money, time and momentum that caused


In planning and urban terms, I give the last decade or so down the docks about 5 or 6 out of 10. In terms of corporate governance and corporate responsibility, nay reponsibility to the people, well jaysus, a bit of a crock it seems

[Gadfly]

RTE report that DDDA Chairwoman Niamh Brennan has announced a serious situation for the authority.A deficit of €213,000,000 for last year.
She has also intimated that Government Aid would help the authority to refloat it's mandate.
In other words. The DDDA needs a bale-out.
RTÉ Business: Docklands body will need Government help

Just trying to puzzle this out.

The pitch now is for the government to hand over £213m of the taxpayers' money to the DDDA. The DDDA need this to repay part of what they owe Anglo. Does this make it a zero sum transaction, given that Anglo is afloat only because of limitless access to the taxpayers' dollar anyway?

Meanwhile ... who sold the glass bottle site for this hugely overinflated price, funded by easy credit, provided by a "bank" that has since collapsed into the taxpayer's generous arms? If we weren't dealing with individuals of the highest integrity on every side, this could be mistaken for a textbook scam.

And where is this money now?

[eyeswideopen]

DEVELOPER Bernard McNamara will begin a legal action against the Dublin Docklands Development Authority (DDDA) on Monday, pitting one of the State's biggest property developers against one of our most controversial semi-state bodies, and shining a bright light on what was once the most expensive property deal in Irish history.
The case will centre on a 2006 deal to buy the 24-acre Irish Glass Bottle site in the Dublin suburb of Ringsend for €412m.
Through the deal, Mr McNamara teamed up with financier Derek Quinlan and the DDDA to spend around €150m and borrow a further €295m to buy the site, which the DDDA now values at just €60m

We have to assume we will be paying for McNamara's side of it too, either through NAMA or the DDA.

This is at least good central land, although how much sense it makes when you look at sea level rise is another question.

[hammer]

HO HO HO

I`ve a great idea for new childrens books.........................

€213 million deficit.

How much do they owe Anglo ? Will the new Anglo headquarters that is partly built by Zoe be knocked down now. HO HO HO

Didn`t Anglo just lend a further €5 million to Zoe to complete the building. HO HO HO

Surely Anglo should have awaited the outcome of the future viability study by KPMG.

[hammer]

We all know now that this country is being run by SETIHSBOG ( READ BACKWARDS)

[loner]

Why should the taxpayer bale out the DDDA?Are any of the people on the current Board the same p[eople who were there when the Glass Bottle site was purchased?What about the Court case that has been taken against the Board by McNamara--will the taxpayer be expected to pick up the tab for these proceedings? There are so many questions that must be asked about this illfated venture--it beggars belief that there was no adequate scrutiny of this body by the Dept. of the Environment.Why is this body not subject to the remit of the Comptroller and Auditor General ? We need many answers .

[johnfás-inabstentia]

HO HO HO

I`ve a great idea for new childrens books.........................

€213 million deficit.

How much do they owe Anglo ? Will the new Anglo headquarters that is partly built by Zoe be knocked down now. HO HO HO

Didn`t Anglo just lend a further €5 million to Zoe to complete the building. HO HO HO

Surely Anglo should have awaited the outcome of the future viability study by KPMG.

The Anglo HQ is one of the few parts of Carroll's Group which actually made sense to get on and finish. Riverside IV across the road, which is currently inhabited by MOP and owned by Irish Life, is expected to sell a 50% share to a UK private equity based group for 50 million.

[hammer]

The Anglo HQ is one of the few parts of Carroll's Group which actually made sense to get on and finish. Riverside IV across the road, which is currently inhabited by MOP and owned by Irish Life, is expected to sell a 50% share to a UK private equity based group for 50 million.

Surely if Anglo has no future we should not complete it. It will be a monument to the Celtic Tiger

[johnfás-inabstentia]

Surely if Anglo has no future we should not complete it. It will be a monument to the Celtic Tiger

You confuse completion of the building as a building and Anglo ever taking up residence in it