Sunday, 1 November 2009

Docklands body to be a top 50 Nama customer

The board of the Dublin Docklands Development Authority (DDDA) will be quizzed by a parliamentary committee on 1 December about the state body's involvement in the now worthless former Irish Glass Bottle site.

The fiasco will drop the DDDA into the top 50 largest troubled customers of the National Asset Management Agency (Nama).

Reiterating his call for a public inquiry into the DDDA's part-purchase of the bottle site at the height of the boom in 2006, Fine Gael's Phil Hogan, a member of the Oireachtas' Environment Committee, said that the DDDA will have to explain why it has lost almost all the money it spent on a speculative property development.

"There is nobody out there at the moment who would purchase it," Hogan said. "It is going to lie frozen for some time."

With developers Bernard McNamara and Derek Quinlan, the DDDA paid about €107m for its share of just over a quarter in the €412m development.

Senior government sour­ces told the Sunday Tribune that the loans from Anglo Irish Bank to develop the controversial site will now likely push the DDDA into Nama's largest 50 customers. It will now be up to Nama to decide whether to inject more money next year into the site to boost its value.

Sunday Tribune

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