Dáil Éireann Debate, Tuesday - 2 March 2010
150 Deputy Joe Costello asked the Minister for Finance the cost of the National Conference Centre to the Exchequer to date; the cost to the private partner; the reason the Exchequer must pay an annual charge to the value of €380 million over 25 years; the funding that was obtained from the EU; and if he will make a statement on the matter. [10023/10]
View answerThe National Conference Centre (NCC) was procured by means of a Public Private Partnership (PPP). The Consortium awarded the contract is required to design, build, finance the NCC and to operate and maintain it for a period of 25 years, after which the facility will revert to the State. In return, once the construction of the Centre is complete and it is open for business, the State will pay the Consortium an annual charge, the maximum total cost of which over 25 years will be just under €380m in present day values. No funding was received from the European Union and Exchequer costs incurred to date total €4.25m Vat. incl.
