During the course of a meeting in November 1998 with the then chairman of CIE, Mr. Brian Joyce, he indicated to me that the gross proceeds from property sales would generate valuable funds for CIE for reinvestment and that, in the case of a site at the North Wall, a very valuable income stream could be generated from its development.
Since then, both the previous chairman and the current chairman, Dr. John Lynch, have proceeded with the sale of some properties. In relation to the North Wall site, the scale of planning permission originally sought was reduced significantly by An Bord Pleanála. Subsequently, a revised scheme of development was prepared by the Dublin Docklands Development Authority and this is awaiting approval from my colleague, the Minister for Environment and Local Government. If approval is received and the site is developed, income will be generated for CIE, the precise level of which will be determined by the pace of development on the site and prevailing market conditions.