Concerns taxpayer may have to rescue DDDA

THE Dublin Docklands Development Authority (DDDA) is facing bankruptcy after making losses of €27 million in 2008, according to Fine Gael environment spokesman Phil Hogan.

The Kilkenny TD said there are serious concerns that the taxpayer will be forced to bail out the organisation and those responsible for the massive losses will get away scot-free. He said the information comes on the back of the €413 million deal at the Irish Glass Bottle site, which has since seen its value being written down by 85%.

Deputy Hogan said developers got involved with the DDDA and there are serious concerns that those responsible will get away “scot-free”, he said.

He said these latest revelations come on back of information that the Irish Glass Bottle Site had its value written down by 85%.

“The DDDA now surely faces bankruptcy, with a real possibility of the taxpayer facing a bill of millions. This is as the Minister (Gormley) refused to rule out a bail-out for the DDDA when I questioned him.

“As he has several times before, he also refused to instigate a Comptroller & Auditor General Report or introduce legislation to make this so.

“As a result, there are serious concerns that those responsible will now get away with [how they behaved].

“The chairperson of the DDDA has commissioned reports on finance, planning and corporate governance but these are not good enough. The C&AG needs to get involved.

“The fact is that the DDDA has been run, over the past decade, like a profit-generating branch of Anglo-Irish bank.

“It got involved with a shady deal with developers at the Irish Glass Bottle site and the taxpayer may be left carrying the can,” he added.