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We're now bailing out the DDDA!?

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  • 26-11-2009 10:05am
    #1
    future_plans
    Closed Accounts Posts: 380 ✭✭


    http://www.independent.ie/national-news/taxpayer-to-stump-up-for-rescue-of-docklands-body-1953723.html
    THE Government is set to bail out the body in charge of building up Dublin's docklands because of its disastrous property deals.

    The Dublin Docklands Development Authority (DDDA) will record a €27m loss when its annual accounts are published today. It is understood the authority has already had to borrow money just to pay the wages of its staff.

    Nearly choked on my coffee this morning when I read this!


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    #2
    SLUSK
    Closed Accounts Posts: 1,156 ✭✭✭SLUSK


    That is how you roll in Oireland.


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    #3
    Dannyboy83
    Registered Users Posts: 4,236 ✭✭✭Dannyboy83


    Was it long term mismanaged, or was it more confined to the Glass Bottle site?
    From the article, it seems to have just been the glass bottle site, i.e. one terrible exposure over the course of 12 years, where it was self sustaining for the majority.
    I'm not sure it would make sense not to bail them out
    The decision to acquire the site has been mired in controversy due to the fact that Anglo Irish Bank supplied some of the funding -- at a time when its then chairman Sean FitzPatrick was also a board member of the DDDA.
    Was it considered controversial in 2006?
    Did anyone speak up?


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    #4
    Taxipete29
    Closed Accounts Posts: 1,531 ✭✭✭Taxipete29


    From the looks of this article they have no choice but to bail them out. As it is a state body they cannot go bust without paying their debt so the taxpayer would be liable for alot more I would imagine if they were simply allowed to fold.

    It is however another case of the same names coming up in everything that stinks about this country. Sean Fitzpatrick is in play here again.More of the elite circle in this country screwing the rest of us while they get rich.


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