Results 421-440 of 1,070,388 for in 'Dáil debates' OR (speaker:M J Nolan OR speaker:Niamh Smyth OR speaker:Joe O'Brien OR speaker:Louise O'Reilly OR speaker:Seán Haughey OR speaker:Cian O'Callaghan OR speaker:Aengus Ó Snodaigh OR speaker:Aengus Ó Snodaigh17 OR speaker:Pádraig Mac Lochlainn OR speaker:James Browne OR speaker:Charlie McConalogue OR speaker:Catherine Murphy OR speaker:Willie O'Dea OR speaker:Aengus Ó Snodaigh00 OR speaker:Mattie McGrath) in 'Committee meetings'

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

Mairead Farrell: No. Obviously there is the amount that can be borrowed but we are not at that point at present. We are talking about the €2.5 billion and then, was it not, an extra €1.25 billion that the Department had mentioned that it could get down the line? Would that be off-balance sheet?

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

Mairead Farrell: Perfect. I thank Mr. O'Sullivan.

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)

Mairead Farrell: I thank the officials.

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

Mairead Farrell: I have a few fairly straightforward questions. We identified that the cost of the average unit in Shanganagh Castle is €409,000. The average cost of those purchased from Cairn Homes in Citywest is €435,000. What is the price per square metre for each such purchase? Can Mr. Coleman deal with Shanganagh first because I have it arranged that way in my notes?

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

Mairead Farrell: I am just trying to get the information.