8 DFómh 2014, 16:27
The Committee of Public Accounts will tomorrow meet with representatives from the Shannon Free Airport Development Company to consider its 2013 accounts. Neil Pakey, CEO of Shannon Development and Stephen Curran of the Department of Jobs, Enterprise and Innovation will be appearing before the Committee at approximately 12:30 pm.
8 October 2014
Following the announcement that Shannon Development would merge with Shannon Airport in 2012, the enterprise functions transferred to Enterprise Ireland and IDA Ireland, with the tourism functions transferring to Fáilte Ireland. Shannon Group plc was formally created last month.
Key issues which the PAC are expected to explore tomorrow include:
- The rental income stream and profit on sale of assets
- The rationale for a write down of assets €33 million
- Restructuring costs amounting to €1 million and early retirement/ redundancy costs of over €3million
Committee Chairman John McGuinness TD says: “Tomorrow’s meeting with Shannon Development will provide an opportunity to assess the 2013 accounts of the State Company. A €5 million profit on sale of assets and investments was realised during the period and the Committee will wish to examine the process leading up to the sales. We will also question Shannon Development representatives on the management of rental income, which amounted to €11 million, and the levels of occupancy in properties owned by the company.
“The Committee will also wish to assess the benefits that will flow from the creation of Shannon Group plc last month. About €1 million was spent on restructuring costs in 2013, including on professional fees, and we will be keen to explore what services were provided. About €3.4 million was spend on early retirement and redundancy schemes – amounting to about €100,000 per employee – and we will wish to explore the terms of the scheme. ”
The engagement with Shannon representatives will follow an earlier meeting on the accounts of Údarás na Gaeltachta. The meeting will takes place tomorrow 9 October in Committee Room 1, LH 2000 at 12:30 am. Public proceedings can be viewed online here.
Committee proceedings can also be viewed on the move, through the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.
Ends
For further information please contact:
Paul Hand,
Communications Unit,
Houses of the Oireachtas,
Leinster House,
Dublin 2
P: +3531 618 4484
M: +353 87 694 9926
paul.hand@oireachtas.ie
Committee Membership
Deputies:
Áine Collins, Fine Gael
Paul J. Connaughton, Fine Gael
Joe Costello, Labour Party
John Deasy, Fine Gael
Robert Dowds, Labour Party
Seán Fleming, Fianna Fáil
Mary Lou McDonald, Sinn Féin
John McGuinness, Fianna Fáil (Chairman)
Eoghan Murphy, Fine Gael
Derek Nolan, Labour Party
Kieran O’Donnell, Fine Gael (Vice-Chairman)
Shane Ross, Independent