Results 421-440 of 1,090,778 for in 'Dáil debates' OR (speaker:Tom Kitt OR speaker:Rose Conway-Walsh OR speaker:Mick Barry OR speaker:Noel Grealish OR speaker:Leo Varadkar OR speaker:Norma Foley OR speaker:Stephen Donnelly OR speaker:Damien English OR speaker:Martin Heydon OR speaker:John Lahart OR speaker:Cathal Berry OR speaker:Anne Rabbitte OR speaker:Michael Moynihan OR speaker:Martin Browne OR speaker:Mark Ward OR speaker:Darragh O'Brien OR speaker:Chris Andrews OR speaker:Brian Leddin OR speaker:Brian Stanley OR speaker:Ciarán Cannon OR speaker:Mairead Farrell OR speaker:Niamh Smyth OR speaker:Steven Matthews) in 'Committee meetings'

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

Brian Stanley: The witnesses are all very welcome. I remind everyone in attendance to ensure their mobile phones are switched off or in silent mode. To start, I wish to explain some limitations to parliamentary privilege and the practices of the Houses as regard references witnesses may make to other persons in their evidence. The evidence of witnesses physically present or who give evidence from...

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

Mairead Farrell: Thank you, a Chathaoirligh.

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

Brian Stanley: I call the Comptroller and Auditor General, Mr. Seamus McCarthy, to deliver his opening statement.

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

Brian Stanley: The first committee member to speak is Deputy Cormac Devlin, who has 15 minutes.

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

Mairead Farrell: Gabhaim buíochas leis na finnéithe as ucht teacht os comhair an coiste agus as an bhfáilte chuig mo chéad chruinniú. I thank the guests for being here. I also thank the Chair for welcoming me to my first meeting as a member of the committee. The LDA has incurred losses in the past two years. There was a loss of €17.5 million last year and €11.7...

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

Mairead Farrell: I am just looking at the finances here. I understand. We will have other conversations and will be going into other matters. I am just asking has there been a profit to date?

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

Mairead Farrell: I thank Mr. Coleman. Has a dividend been paid to the State?

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

Mairead Farrell: If there was no profit, I assume then that no corporation tax has been paid on trading income?

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

Mairead Farrell: I understand the LDA needed an extra €5.7 billion in capitalisation. That was identified last year. I understand that €2.5 billion was agreed by Cabinet last December, that half was due to come from ICIF and, as announced just in the past number of weeks, the other half from the sale of AIB shares. Will Mr. Coleman confirm that there is no commitment from the Government as of...

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

Mairead Farrell: Will that last €1.25 billion come from borrowing the additional €1.25 to make up the €3.75 billion?

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

Mairead Farrell: It would be an equity contribution. Mr. Coleman said the Land Development Agency can borrow a certain amount, has it borrowed previously?

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

Mairead Farrell: Is Mr. Coleman anticipating borrowing? We know that interest rates are quite high, so is there a plan to borrow?

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

Mairead Farrell: Just for my understanding, if the Land Development Agency is looking to advance those discussions, how long will it take until it is actually borrowing?

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

Mairead Farrell: The Land Development Agency is focusing on the equity capital at the moment rather than the borrowing. Is that correct?

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

Mairead Farrell: It still does seem at the moment from that €5.7 billion identified last year, that there is an identifiable black hole, given the Land Development Agency is talking about borrowing but is not at that stage at the moment.

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

Mairead Farrell: Mr. Coleman has no concerns in terms of the delivery of the Land Development Agency's business plan, despite the €5.7 billion that was identified.

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

Mairead Farrell: Will Mr. Coleman confirm the overwhelming majority of the Land Development Agency's capitalisation is coming from State sources?

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

Mairead Farrell: It is entirely from State sources. My understanding is that the LDA is a commercial State-owned enterprise and that approval had to be granted by the European Commission to grant it off-balance sheet status. Is that correct?

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

Mairead Farrell: Given that the Land Development Agency has yet to turn a profit and is reliant on State financing, does Mr. Coleman have any concern about compliance with state aid rules?