PAC to discuss C&AG’s report into Dublin Docklands Development Authority with Lar Bradshaw

Committee Chairman John McGuinness TD said: “Lar Bradshaw is before the Committee today. Mr Bradshaw was the Chairman of the Executive Board of the Dublin Docklands Development Authority from 1997 to 2007.

“In November 2006, a consortium headed by property developer Bernard McNamara and which included the DDDA, bought the Irish Glass Bottle site in Ringsend in Dublin. Prior to the acquisition of the Glass Bottle Site, Anglo Irish Bank became lender to Bernard McNamara who became part of the joint venture company, Becbay Ltd. Ultimately, Becbay Ltd borrowed €291m from Anglo Irish Bank for the Glass Bottle Site project. At this time of the joint venture, Mr Bradshaw was also a non-executive director of Anglo Irish Bank.

“In addition to issues of financing, as Chairman of the Board at the time of entering into the joint venture, Mr Bradshaw was heavily involved in negotiations with Bernard McNamara regarding the establishment of the joint venture, the tender bid for the site and the assessment of benefits and risks which the Board would have considered prior to the decision to get involved in the site.

“Among the issues the Committee will be keen to discuss with Mr Bradshaw are:  as Chairman, his perception of the Board and how it operated; the Board’s relationship with the Authority’s management as well as his own relationship with them; how the Board dealt with the risks which were identified, in particular the overheated property market; his involvement in the selection of Bernard McNamara as a joint venture partner; and his involvement in deciding on the tender bid amount and his involvement in allowing Bernard McNamara latitude to increase the bid based on this expertise.

“The Committee would also like to get some insight into the knowledge of the Board regarding the lower valuation submitted to the Department in its request for sanction to increase its borrowing limit and enter into a joint venture; how the conflicts of interest issue, as chairman of DDDA and non-executive director at Anglo, was dealt with Mr Bradshaw; and what being a non-executive director of Anglo Irish Bank entailed.”

This meeting will take place in Committee Room 2 at 3pm today, Wednesday, 26th June 2013.

Committee proceedings can be followed live at:  http://www.oireachtas.ie/parliament/watchlisten/

For further information please contact:

Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2

P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
 
Committee of Public Accounts Membership
 
John McGuinness (Chairman)
Kieran O’Donnell (Vice Chairman)
Paul J Connaughton,
John Deasy,
Paschal Donohoe,
Gerald Nash,
Simon Harris,
Michael McCarthy,
Mary Lou McDonald,
Sean Fleming,
Eoghan Murphy,
Derek Nolan,
Shane Ross.