Results 441-460 of 1,130,214 for in 'Dáil debates' OR (speaker:Tom Kitt OR speaker:Peadar Tóibín OR speaker:Jennifer Whitmore OR speaker:John Brady OR speaker:Simon Coveney OR speaker:Brian Stanley OR speaker:Catherine Murphy OR speaker:Norma Foley OR speaker:Ossian Smyth OR speaker:Imelda Munster OR speaker:Michael Ring OR speaker:James O'Connor OR speaker:David Stanton OR speaker:Réada Cronin OR speaker:Mary Lou McDonald OR speaker:Matt Carthy OR speaker:Ivana Bacik OR speaker:Darragh O'Brien OR speaker:Mairead Farrell OR speaker:Cian O'Callaghan OR speaker:Jack Chambers OR speaker:Joan Collins OR speaker:Mark Ward OR speaker:Robert Troy OR speaker:Catherine Connolly OR speaker:Brendan Smith OR speaker:Bríd Smith OR speaker:Michael Lowry) in 'Committee meetings'
- 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?
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: There are no concerns at all in the medium- to long-term.
- Public Accounts Committee: Financial Statements 2023: Land Development Agency (10 Oct 2024)
Mairead Farrell: My understanding is that the Land Development Agency would need to be returning a profit. It seems Mr. Coleman is unsure as to when the Land Development Agency will be in position to borrow and that we will be looking at continued long-term capitalisation from the Government. Mr. Coleman just mentioned the extra €1.25 billion in funding he expects from Government but we do not know...