The National Development Plan 1994-1999 includes provision for a national conference centre capable of accommodating up to 2,000 delegates at an estimated cost of £50 million. In accordance with EU regulations, the maximum level of grant payable to a private developer would be 50 per cent of eligible expenditure which would leave a minimum matching requirement of £25 million.
As I indicated in answering written questions on 29 March, the position is that following on two separate studies, one of the benefits to the country of a national conference centre and the second of the most desirable location for such a centre, the site at the Royal Dublin Society was chosen for the proposed development.
The current position on the RDS project is that the society has not been able to generate the funds necessary to match the amount available from the European Structural Funds.