PAC to resume examination of Bord nag Con financial statements

The Public Accounts Committee will resume its focus on the 2015 financial statements of Bord nag Con at its meeting tomorrow morning, Thursday, 18 May 2017 when it meets with officials from Bord na gCon.

AGENDA: (a) 9 a. m. Business of the Committee;
(b) Bord na gCon Financial Statements 2015 (resumed)
[Officials from Bord na gCon]

Committee Chairman Seán Fleming said: “Bord nag Con is accountable to the Public Accounts Committee for its finances. Bord na gCon received State funding of €13.6 million in 2015 and the Committee will want to ensure this funding is used effectively. Tomorrow, we will resume our consideration of Bord na gCon’s financial statements for 2015 which we first discussed at our meeting on 4 May. In his report, the Comptroller and Auditor General noted the acquisition of land and the development of a racetrack and new corporate headquarters at Greenpark in Limerick, which was completed in 2010. Since then, Bord na gCon has been carrying a high level of borrowing related to that development. In the same period, there has been a significant erosion of the group's operating surplus. We will want to know what measures has the Board taken in terms of increasing turnover and containing costs to ensure future sustainability. The Committee has also learnt in recent days that Harold's Cross Stadium has been sold for €23 million and we will want to know what effect this will have on Bord na gCon's ability to address its financial difficulties.”

This meeting will take place in Committee room 3 at 9am on Thursday, 18 May 2017.

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Committee Membership:

Bobby Aylward        Fianna Fáil
Peter Burke        Fine Gael
Shane Cassells        Fianna Fáil
Catherine Connolly    Independent
David Cullinane        Sinn Féin
Alan Farrell        Fine Gael
Séan Fleming        Fianna Fáil
Alan Kelly        Labour
Marc MacSharry        Fianna Fáil
Josepha Madigan    Fine Gael
Mary Lou McDonald    Sinn Féin
Noel Rock        Fine Gael
Catherine Murphy    Social Democrats-Green Party Group