Thursday, November 26, 2009
While there were positive developments for the Authority during 2008, given the challenges faced then,and which still continue, it would be disingenuous to dwell on them. The fact is that 2008 was an exceptionally difficult year for the Authority.
On its own, the collapse of the Irish property market during 2008 – and with it the value of the assets held by the Authority on behalf of the Irish taxpayer – would have posed huge problems. However, the Authority also lost a very significant Court case relating to execution of its statutory planning powers. Together these two
developments will have a profound impact on the Authority and how we conduct our business and fulfil our mandate for years to come.
The financial challenge posed to the Authority by the collapse of property values will require ongoing work as we have to adjust to what will essentially be a new business model. This will result in a delay in completing some of
our projects and a more conservative approach to progressing our mandate.
The impact of the lost Court case will also be significant. As a result of the ruling in that case, and a request from the Minister for the Environment, Heritage and Local Government, the Executive Board has initiated a number of reviews of our practices, policies and procedures to ensure that we are fit for purpose and, most importantly,to ensure that we abide by best practice in respect of corporate governance. I know I speak for the Minister and all my colleagues on the Executive Board when I stress that there is absolutely no room for compromise or ambiguity in this regard. The Executive Board, Council and Executive face into an ongoing, uncertain economic climate. It is a challenging time for all concerned. Tough measures are required to restore the Authority to financial stability, to rebuild
its reputation and to ensure it operates within its available resources without recourse to the Exchequer.The Executive Board is determined to take the necessary corporate restructuring steps, with speed, to return the Authority to its important mission of the physical, social, economic and cultural regeneration of the Dublin
Docklands Area, on a sustainable basis. The Docklands project and the people of Docklands deserve no less.I would like to thank the Minister for his support since my appointment and my colleagues on the Executive Board for their hard work and support.The staff of the Authority have worked tirelessly in difficult circumstances and I want to acknowledge their critical contribution. I look forward to working with local community leaders, our Council, Executive Board, Staff and other
stakeholders to continue delivering on the imperatives of the project ensuring the Docklands is a great place to live, work and visit.
Posted by Southofdub at 10:29 AM