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| 26/11/2009 |
DDDA Reports Losses |
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The Dublin Docklands Development Authority made losses of €186m last year, it has been revealed.
Its annual report shows a deficit of €27m last year, compared with a €3m surplus in 2007.
Authority officials have attributed the losses to the collapse of the Irish property market.
It also blamed a High Court ruling against it, which curtailed its statutory planning powers.
According to the organisation, financial support from the Government and a radical new approach will help put the project back to financial health.
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Speaking today, she said the collapse of the Irish property market during 2008, and with it the value of the assets held by the Docklands Authority, has posed huge problems for the organisation.
Describing 2008 as "an exceptionally difficult year", Professor Brennan said the Docklands Authority now has to adjust to what is essentially a "new business model, which will result in a more conservative approach to progressing our mandate resulting in a delay in completion of many projects and cancellation of some programmes."
(PR/BMcC) |
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