The insolvent State agency, the Dublin Docklands Development Authority, today published its 2008 financial results and plunged to a massive loss of €213 million mainly arising from a writedown of its investment in the Irish Glass Bottle site, which dates from 2006 — the peak year of the Irish property bubble. The DDDA chairman has signalled a taxpayer bailout of the agency after a reckless venture in property speculation.
Related posts:
- Dublin’s Docklands Authority cuts deficit from €213m to €19m in 2009; Agency left with 34 Council/Executive Board members and 27 staff
- NAMA denies claim John Mulcahy was involved in Irish Glass Bottle Site valuation
- State bailed-out commercial property lender Irish Nationwide reports massive 2009 loss of €2.5bn – - established in 1873 by "working-class men"
- NAMA says only 25% of loans generating interest; Estimated profit/loss scenarios from +€3.9bn to a loss of -€0.8bn
- European Commission approves establishment of National Asset Management Agency – - the State toxic property loans relief scheme for financial institutions in Ireland