Results 401-420 of 1,101,419 for in 'Dáil debates' OR (speaker:Chris Andrews OR speaker:Denis Naughten OR speaker:Kieran O'Donnell OR speaker:Norma Foley OR speaker:Ivana Bacik OR speaker:Aindrias Moynihan OR speaker:Michael Ring OR speaker:Steven Matthews OR speaker:Cian O'Callaghan OR speaker:Leo Varadkar OR speaker:Cormac Devlin OR speaker:James Lawless OR speaker:Joe O'Brien OR speaker:Michael Creed OR speaker:Cathal Crowe OR speaker:Peadar Tóibín OR speaker:Mairead Farrell OR speaker:Brian Stanley OR speaker:Claire Kerrane) in 'Committee meetings'

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?

Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)

Brian Stanley: There is €2.5 billion from ISIF. On the next part then, did Mr. Coleman say that there is a further €1.25 billion from budget 2025?

Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)

Brian Stanley: In budget 2025, there is €1.25 billion. Where do the AIB shares fit in there?

Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)

Brian Stanley: Is the AIB shares sum included in either that €1.25 billion from budget 2025 or the original €2.5 billion? Where is it contained?

Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)

Brian Stanley: AIB, that is okay. Let us hope I can get to the bottom of this. Now the agency has €3.75 billion. Then Mr. Coleman stated, "the Government ... has signalled its intention to raise our total capitalisation to ... €6.25 billion ...". The agency is at €3.75 billion. The agency needs another €2.5 billion, including the provision to borrow €1.25 billion. Mr....