Results 461-480 of 1,103,100 for in 'Dáil debates' OR in 'Committee meetings' (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:Jennifer Carroll MacNeill)

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....

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

Brian Stanley: So the State will give a further subsidy of €1.25 billion? Is it non-repayable?

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

Brian Stanley: There is €3.75 billion in the bag, and with this €2.5 billion needed now, the LDA will borrow half of that. The LDA will receive an investment from the State of €1.25 billion.

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

Brian Stanley: Okay. That €1.25 billion will be off-balance sheet because the LDA will be borrowing from the markets.

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

Brian Stanley: On-balance sheet.

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

Brian Stanley: Is the LDA borrowing it from the open markets or from the European Investment Bank? Where is it getting it from?

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

Brian Stanley: Out of the total sum of €6.25 billion, and there is a bit of hope involved in this from what is being said, there is a €1.25 billion equity investment from the State which is State equity. How much of the total of €6.25 billion will be on the balance sheet and how much will be off the balance sheet?

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

Brian Stanley: It is all on the State's balance sheet? All €6.25 billion is on it?

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

Brian Stanley: That is what we need to know. All of it is on it. I remember raising affordable housing in the Dáil a few years ago. Obviously, in the period of austerity it was difficult to start a conversation about social housing or affordable housing. Cost rental had not even entered the equation here and some of us were trying to get this idea of cost rental going. It is a brilliant idea and...