PAC to resume examination of Bord nag Con financial statements

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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