Cowen gave DDDA loan approval with astonishing haste - Hogan

John Kalahan

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Cowen gave DDDA loan approval with astonishing haste - Hogan

It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.


Leinster House
Dublin 2
IrelandContact
Joanne Lonergan
016183858 Phil Hogan TD
Environment, Heritage & Local Government

visit site »
Cowen gave DDDA loan with shocking haste


Cowen gave DDDA loan approval with astonishing haste - Hogan


It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.

The Minutes of DDDA Board meetings show that, in October 2006, it took then Finance Minister Brian Cowen just 21 days to grant a loan extension to the DDDA.

“It would take an ordinary person longer to get approval for a credit card than it took for the DDDA to get approval for millions from Brian Cowen.

“Minutes of DDDA Board meetings released to Fine Gael show an astonishing haste by the then Minister for Finance in approving millions for the DDDA. Any loan extension for the DDDA must be approved by the Ministers for Environment and Finance. The DDDA Board minutes of October 3rd 2006 show that such a request was made to both Ministers for purchase of the Irish Glass Bottle Site. By October 24th, Brian Cowen had already approved the request.

“This is an astonishing turnaround for a speculative punt using taxpayers’ money on a property deal that has gone horribly wrong. The grossly expensive and reckless deal for the Irish Glass Bottle Site has left the State exposed to millions as it may have to bail out the DDDA. It is now clear that Brian Cowen’s hasty decision to recklessly spend taxpayers’ cash is at the heart of the matter.

“This Thursday, the Government will have the opportunity to explain fully exactly why this reckless decision was made, when I raise the issue in the Dáil during Priority Questions with the Environment Minister.”
 


jmcc

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Annnnnd they're off. :)

Looks like Cowen is about to get it in the neck.

Regards...jmcc
 

John Kalahan

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Cowen is no property guru

Cowen is no property guru

Diving in on an industrial brown field site and paying a phenomenal price for a site a few metres over seal level without proper investigation
 

FlyOver

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The Minutes of DDDA Board meetings show that, in October 2006, it took then Finance Minister Brian Cowen just 21 days to grant a loan extension to the DDDA.
[sarcasm]Well it makes complete sense now, back in 2006, land was appreciating at about 1% a day. To carry out a long investigative process could have cost the tax payers millions of euro more for the Glass Bottle Site. Just think of all the money he saved!!! [sarcasm/off]
 

Anorakphobia

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This is massive oppurtunity for the Opposition.

Cowen has consistently claimed he didn't overinflate and frequently preached caution on the property bubble and yet here we have him eagerly signing the taxpayer up to the most calamitious property punt in the State's history and 100's of millions of losses.

This is the actual as opposed to anecdotal evidence that FF were totally committed to inflating the whole bubble.

Furthermore, it's now time to relentlessly attack Cowen on his own, having damaged FF and the Greens repeatedly.
He will crack, of that there is no question. He is ready to blow.

We are now at endgame, providing the Oppossition play the rest of their hand well.
 

Dillinger

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Nov 14, 2007
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Cowen gave DDDA loan approval with astonishing haste - Hogan

It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.


Leinster House
Dublin 2
IrelandContact
Joanne Lonergan
016183858 Phil Hogan TD
Environment, Heritage & Local Government

visit site »
Cowen gave DDDA loan with shocking haste


Cowen gave DDDA loan approval with astonishing haste - Hogan


It took Brian Cowen just three weeks to approve a multi-million euro loan extension to the Dublin Docklands Development Authority (DDDA) for purchase of the controversial Irish Glass Bottle Site, documents seen by Fine Gael Environment Spokesman, Phil Hogan TD have revealed.

The Minutes of DDDA Board meetings show that, in October 2006, it took then Finance Minister Brian Cowen just 21 days to grant a loan extension to the DDDA.

“It would take an ordinary person longer to get approval for a credit card than it took for the DDDA to get approval for millions from Brian Cowen.

“Minutes of DDDA Board meetings released to Fine Gael show an astonishing haste by the then Minister for Finance in approving millions for the DDDA. Any loan extension for the DDDA must be approved by the Ministers for Environment and Finance. The DDDA Board minutes of October 3rd 2006 show that such a request was made to both Ministers for purchase of the Irish Glass Bottle Site. By October 24th, Brian Cowen had already approved the request.

“This is an astonishing turnaround for a speculative punt using taxpayers’ money on a property deal that has gone horribly wrong. The grossly expensive and reckless deal for the Irish Glass Bottle Site has left the State exposed to millions as it may have to bail out the DDDA. It is now clear that Brian Cowen’s hasty decision to recklessly spend taxpayers’ cash is at the heart of the matter.

“This Thursday, the Government will have the opportunity to explain fully exactly why this reckless decision was made, when I raise the issue in the Dáil during Priority Questions with the Environment Minister.”

I would be too embarrassed to stay in office over something like this.
 

jimbo99

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[sarcasm]Well it makes complete sense now, back in 2006, land was appreciating at about 1% a day. To carry out a long investigative process could have cost the tax payers millions of euro more for the Glass Bottle Site. Just think of all the money he saved!!! [sarcasm/off]
What the FF would a solicitor know about buying property?
 

loner

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Wonder will the Govt. be gone from office before we see the Brennan Reports?
 

Newsy

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Any loan extension for the DDDA must be approved by the Ministers for Environment and Finance.
Dick Roche is also tied into this.

Wasn't he Minister for Environment, at the time??
 

John Kalahan

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Why did Mr Cowen not spend the money on New Primary Schools or Water Treatment?

Why did Mr Cowen not spend the money on New Primary Schools or Water Treatment?
 

Newsy

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Why did Mr Cowen not spend the money on New Primary Schools or Water Treatment?
Partly because our Education Minister wasn't fighting for such money.
 

bored and fussy

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phil hogan who is he i cant place him at all is he the one that said he wouldnt take a pay cut because of personal circumstances
wish i could have said that
 

bananarepublic.ie

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How Dublin’s docklands drowned in debt

It was 8am on Tuesday, October 24, 2006. In the headquarters of the Dublin Docklands Development Authority (DDDA), the commercial state body responsible for regenerating the capital’s derelict quaysides, the eight government-appointed board members were being patched through for a fateful conference-call.

That meeting provides a window onto the nexus of a golden circle of bankers, builders and politicians once lionised as fearless wealth creators and now pilloried for the savageness of the Irish recession.
 

SKELLY

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And if the foregoing wasn't enough of a litany of shame, NAMA, the State "bad bank," is likely to end up holding a toxic asset, that the State's EPA declared toxic-free last month.
 

tinoflilt

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Feb 1, 2012
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Except that the only thing good about him studying in california with his oversized taxpayers-funded pension in his early 50s is that he's very very far away from us and can never get into the tiniest office of power ever again...
 

truepatriot

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Mar 12, 2010
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the guy who put all these people together is a, paul molony, a retired army officer ,who was on the docklands board. he has since been awarded for his troubles and is now i believe working in europe. does anyone know anymore?
 


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