herald

Thursday 17 January 2019

SDDC's €510m debts

THE company behind the development of Dublin's convention centre recorded a 32pc rise in debt to €510m.

The Spencer Dock Development Company Ltd (SDDC) accounts outline that it was unable to repay €307m in banking facilities last year.

The group, which is developing 20 hectares in Dublin's docklands in conjunction with State transport group CIE, is relying on NAMA to "renew and roll-over these facilities on broadly similar terms", the accounts state.

Treasury, which is led by Richard Barrett and Johnny Ronan, has signed a memorandum of understanding with NAMA which means the plan has been agreed but not formally signed off.

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