February 20, 2009

DDDA Is A Farce linked to Anglo-Irish. Enough Damage. Shut DDDA Now.


Enough Damage.
DDDA Is A Farce linked to Anglo-Irish.
Shut The DDDA Autocracy Down Now.

The Developer's Autocracy (DDDA) should be shut down immediately.

The Autocracy is cross-contaminated by Anglo-Irish Bank and is even using curious materials from the promoters of the Poolbeg Incinerator - where politically-challenged and politically appointed officials in Bord Pleanala and EPA-Ireland apparently over-rode the professionals, apparently.

Do your own research to form your own opinion.
See article posted as comment number 1
See Feb/March edition of Village Magazine.
See Shane Ross, Senator, Irish Republic.

Lifting a lid on Anglo’s links to the docklands

Anglo Irish Bank helped finance the property explosion in the docklands, but was it too close for comfort to the docks development agency, wonder Nick Webb and Louise McBride




The Galway Tent said...

Seanie's plaything?

Disgraced banker Sean Fitzpatrick is inextricably linked to the Docklands Authority. Should we be worried?

By Cormac Murphy
Monday February 16 2009

Shamed banker Sean FitzPatrick's inextricable links to the Dublin Docklands Development Authority can be seen from his membership of four key committees.

When Mr FitzPatrick led the DDDA into a controversial €412m land deal, he was simultaneously a member of the State company's finance, audit, risk and remuneration committees.

And it has now emerged the authority was worried about its exposure to the property market even before it took a stake in the Irish Glass Bottle site in Ringsend at the height of the boom.

A downturn in the property market was identified as a key risk facing the semi-state body as far back as 2005.

The assessment came months before the DDDA -- under the guidance of Mr FitzPatrick -- took a 26pc share in the Ringsend site.

The revelation has raised fresh concerns about the financial controls at the state company.

Mr FitzPatrick's ties to the DDDA go back to 1998 when the former Anglo Irish Bank chairman was appointed to the semi-state's executive board by then Environment Minister Noel Dempsey. The ex-banker, who retired from the authority in April 2007, was one of a group of DDDA members who travelled to Spain in October 2006 at a cost of €18,728.66 to the organisation.

Also on the trip was Lar Bradshaw -- who was chairman of the DDDA up until June 2007, and was a director at Anglo until last December -- Declan McCourt, Donall Curtin, Mary Moylan, Joan O'Connor, Niamh O'Sullivan and Angela Cavendish. They stayed in the five-star Maria Cristina hotel in San Sebastian.

Fine Gael environment spokesman Phil Hogan told the Herald the board's decision to proceed with the purchase of the Ringsend site when it was also signalling the risks of over exposure to the property market was "irresponsible and reckless".

However, the DDDA told the Herald it is "satisfied" with becoming involved in the €412m land deal.

"The Docklands Authority is entirely satisfied with its role as a partner in the former Irish Glass Bottle site. It intends to realise its objectives in the longer term of a five- to seven-year period," a spokeswoman said.

A 2005 report from the authority's executive board stated a key risk facing the DDDA was a "future downturn in the property market".

The document, which formed part of the state company's annual report, added that the board had "developed a range of strategies" to address this and other risks, though these were not outlined.

Only months after the report was published, the DDDA joined with developer Bernard McNamara and financier Derek Quinlan to form a consortium to buy the Ringsend site.

It is estimated that the land has since dropped in value by between 30pc and 50pc.

An Oireachtas environment committee heard earlier this week that Becbay stopped paying interest eight months ago on the €293m loan it obtained to buy the site.

Mr Hogan challenged Environment Minister John Gormley "to clarify the solvency" of the DDDA.


- Cormac Murphy

Anonymous said...

Would that be DDDA's investment in the Irish Glass site? or the payments to directors?

THE Dublin Docklands Development Authority paid almost €1m to companies linked to its board of directors in the past three years, it has emerged.

The news comes amid calls for the board of the state agency to be sacked due to its involvement in the controversial purchase of the €411m former Irish Glass Bottle site in Dublin.

According to the DDDA's latest annual report, it paid €964,648 to companies which had direct links with three of its directors, including:

€372,555 in consultancy fees to Arup Consulting Engineers in 2006 and €310,000 in 2007. One of Arup's directors, Niamh O'Sullivan, is also a director on the DDDA board.

€149,655 to PricewaterhouseCoopers for internal audit and consultancy services in 2007. The firm's partner, Donal O'Connor, was chairman of the DDDA board until he resigned last December and took over as chairman of Anglo Irish Bank.

€132,438 to the O'Donnell Tuomey firm in 2007. Sheila O'Donnell, who stepped down as a DDDA director last month, has a controlling interest in this company with her family.



Anonymous said...


O'Casey Centre timeline
Design: March 2006 - January 2007
Construction: April 2007 - September 2008
Completed: September 2008

Planning applied for 2006
O'Donnell apointed to board in 2007
€132,438 was paid to the O'Donnell Tuomey firm in 2007
Centre completed in 2008
O'Donnell resigned 2009


Anonymous said...

Maloney also revealed that the Developer's Autocracy is considering bailing out developers by purchasing empty apartments in the docklands for social and affordable housing. Apartment prices in the docklands have plummeted since the collapse of the property bubble.