DDDA accused of “unhealthy relationship” with Anglo Irish Bank

The Dublin Docklands Development Authority has today been accused of an unhealthy relationship with Anglo Irish Bank in the purchase of the Irish Glass Bottle site. The Dáil Environment Committee heard that two directors of the DDDA were also Anglo Irish directors when the bank agreed to part finance the purchase of the 20-acre Ringsend site for over €400m. Docklands Authority Chief Executive Paul Maloney told the Dáil’s Environment Committee today that:

• The Authority does not regret purchasing the site in the consortium also involving two developers.
• The value of the land has dropped by about a third it will still be needed for future regeneration of the docklands.
• Nearly €290m was borrowed from Anglo Irish Bank and AIB but the Authority is only liable for €26m.
• No interest has been paid on this loan since last June but afterwards he refused to say why citing commercial reasons.

Describing this as a ‘casual approach’ to finacing, Fine Gael Environment Spokesman Phil Hogan said he was calling on the Minister for Finance to investigate the ‘unhealthy relationship’ between the Authority and the bank.