Results 381-400 of 1,086,625 for in 'Dáil debates' OR in 'Committee meetings' (speaker:Ned O'Sullivan OR speaker:Ruairi Ó Murchú OR speaker:Seán Canney OR speaker:Dara Calleary OR speaker:Alan Farrell OR speaker:Thomas Byrne OR speaker:Michael McGrath OR speaker:Cathal Crowe OR speaker:Richard Boyd Barrett OR speaker:Brian Stanley OR speaker:Neasa Hourigan OR speaker:Cian O'Callaghan OR speaker:Claire Kerrane OR speaker:Mairead Farrell OR speaker:Seán Ó Fearghaíl OR speaker:Brendan Smith)
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: My understanding is that the borrowing is something that the Department is looking at potentially next year or maybe in the future, but we are not looking at something concrete right now. Is everything we are talking about right now off-balance sheet?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: That is what I was trying to get at. I thank Mr. O'Sullivan. I was trying to get clarity on that. Are there any concerns about the fact that at present that is all coming from State funding, State subsidies, grants or whatever we want to call it, and that it is not turning a profit? Dividends have not been paid back or whatever.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: But it is not absolutely definite.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: I am sorry about that now. I just was trying to get-----
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: Of course.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: And profit..
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: Surely profit as well.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: No. My question is more that it seems it is totally reliant now on State subsidies and State investment and that there is not that kind of commercial aspect, whether it be borrowing or profits being reinvested, and that it is solely done on a State investment.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: Fully, yes.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: I totally get that is what it says on the tin but the point that I am trying to make is that they would not be commercially viable without the State subsidies, which are significant. For example, last year the agency said that €5.7 billion was needed in capitalisation. At this moment in time all the capitalisation is coming either from the ISIF or the AIB shares sale. When the LDA...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: It is operating at a loss.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: Did the loss not increase over the past two years?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: I understand that profit is not the agency's main motive. It is in my head the fact that we have identified that its funding is off-balance sheet, it is reliant on State subsidies and that we do not have a date in terms of being sure when it will be able to borrow. That raises a bit of a flag here because all the agency's capitalisation realistically is coming from State sources. It seems...
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: Then why is it commercial?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: They probably had profits at some point or are operating at losses and increasing losses.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: There will be a second round and I will bring the Deputy back in.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: I thank the officials.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I am conscious of people looking in here. There is a lot of back and forth. The Deputy has been trying to tease out the sources of funding and then what is and is not on the State balance sheet. In his opening statement, Mr. Coleman said, "We have already received funding commitments of €2.5 billion.", from Government and half of that is from ISIF. Is that correct?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: I am trying to keep it simple. Mr. Coleman said, in his opening statement, that the agency has received a commitment for €2.5 billion. One part of that is a commitment for €1.25 billion. Is that the ISIF money, "Yes" or "No"?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Brian Stanley: From ISIF?