DDDA puts the NAMA in McNamara
Read more about: Dublin Central, Dublin North Central, Dublin South Central, Local Government, NAMA, Scandal 
If you have a few minutes, read the 2008 Annual Report of the Dublin Docklands Development Authority. The 1st paragraph –
We will develop Dublin Docklands into a world-class city quarter, a paragon of sustainable inner city regeneration, one in which the whole community enjoys the highest standards of access to education, employment, housing and social amenity and which delivers a major contribution to the social and economic prosperity of Dublin and the whole of Ireland.
Er … isn’t that a job that usually goes to an elected layer of government?
As you get deeper into the report, it becomes clearly that all the supposed safeguards that were built into the organization proved meaningless as it went on a frenzy of property speculation and clearly relied upon its public status in its willingness to finance the doomed purchase of the Irish Glass Bottle site with Bernard McNamara and the media’s favourite property investor, the man who flew the tricolour over the Savoy, Derek Quinlan.
And now we have another quango that is going to be investor in speculative property with all sorts of promised oversight. A 54 billion quango. But anyway, we ‘ll come back to it in a minute.
A critical assumption of DDDA’s accounts is that they were prepared on the assumption that it was a “going concern”. That’s quite an achievement for an entity with a 213 million euro loss. Ultimately this is only sustained by the prospect of government support — for what is supposed to be a commercial entity. A not unrelated wheeze was used by Brian Lenihan when he nationalized Anglo Irish last January — it was done with an assurance from the Financial Regulator that Anglo was “solvent”. The accounts for an entity being wound up look very different from those that intend to continue trading, and in fact it’s illegal for a company to act like the latter when it faces the former. But the government has the privilege of having a word means whatever it wants it to mean.
In conclusion, a word about NAMA from DDDA –
The long term economic value of the Irish Glass Bottle site as defined in the draft National Asset Management Agency regulations is considered to be in the order of €62.5 million. As disclosed in Note 1 to the financial statements, the lower market valuation of €50 million has been used as a basis for determining the Authority’s share in the financial statements.
Long-term economic value: good enough for the Irish taxpayer, not good enough for DDDA’s accountants. Maybe we should all buy shares in Newry shopping centres.
Why were the cooked accounts/good news published in a week with all of the following occupying the headlines?
* Reports on Systemic Rape of young boys by The Christian Brothers
* Cork & Galway Washed Away by Unprecedented Floods
* X-Factor Kicks Out Jedward
* The Hand of Frog Thierry Henry?
* 250,000 Gardai, Teachers and Nurses on Strike
[because DDDA and NAMA have stolen their pay rises for reasons of systemic importance]?
http://galwaytent.blogspot.com/2009/11/dublin-docklands-developers-autocracys.html
My guess is that the government’s expensive American media handlers told them to news dump DDDA and the child abuse on the Thanksgiving holiday
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Was one of Berties Twelve Aposles on that board?
Do you mean the friend-of-bertie on the board of the Dublin Port Company who facilitated ‘the cooler’ to sell the already state owned IGB site to the state for about €280 million? Now upped to a €450 million taxpayer liability, and counting.
The cooler now resides in Paris, with his legal IGB winnings.
Another IGB-multi-millionaire now resides in Geneva/Lausanne, with his IGB legal winnings.
Or do you mean Seanie, or Lar, or ARUP, or a grafton architects company (sister of McNAMA) or a PD ‘governance expert’ or The Tammany Hall councillors all past/current residents on DDDA’s board. Etc, ad tedium.
Ex-councillor McNAMA is now suing us (‘the state’).
DDDA is an early indicator for how the boyos will continue the DDDA-NAMA scam.
All Allegedly.
http://www.youtube.com/watch?v=s5zlfctHdW0
NAMA is a scam. Call it SCAMA.
The developers have their millions salted away in offshore trusts. They have companies that will fail and that will bring down the Irish banking system. And they have companies abroad that are loaded with millions of Euros.
Why is the ex-boss of Anglo Irish Bank living in a mansion in Massetussetts ?
Why is Quinlan living it up in Switzerland ?
These people have made their millions. And they have lost millions. But they have seperated the losses from the accumulated profits. And they have the profits way out of reach of the banks here. They have the banks screwed.
And want to know something. In five years time FF will be the best funded party in Ireland. FF backers will own Indo News Media and O’Brien’s radios, and the privatized RTE, and TV3. And it will be like living in Italy under Berlosconi, or Britain under New Labour.
http://www.youtube.com/watch?v=vO1BhMu-z7M