Dáil Éireann Debate, Wednesday - 29 April 2015
33. Deputy Richard Boyd Barrett asked the Minister for Transport, Tourism and Sport if he will confirm that the due diligence that is currently being carried out on the assets of Dún Laoghaire Harbour in County Dublin is being carried out under the auspices of his Department; if it takes into account the proposed expenditure of €18 million on a new cruise berth; and if he will make a statement on the matter. [16514/15]
View answerOne of the National Ports Policy's key recommendations is that governance of the designated Ports of Regional Significance should vest in more appropriate local authority led governance structures.
My Department has committed to funding due diligence in respect of each of the five Ports of Regional Significance due to eventually transfer to a local authority - Drogheda, Dún Laoghaire, Galway, New Ross and Wicklow. The level of funding provided by my Department is capped and any spending above that cap will have to be met by the local authority in question.
These due diligence exercises have been, or will be, procured and led by the relevant local authority in each case. The process is a short focussed review of the position of the company in question and it is open to the local authority to examine a number of aspects, for example, commercial, legal, financial and operational issues. Obviously consideration of any current and planned expenditures of the company should form part of financial due diligence.
The current status of each due diligence exercises varies with some well underway while others have yet to be procured.
