herald

Saturday 16 December 2017

Editorial: DDDA sums up follies of Celtic Tiger

The reports into planning and finance at the Dublin Docklands Development Authority have raised serious questions about how it did its business at the tail-end of the property boom.

The most baffling revelation is that the DDDA failed to get the Irish Glass Bottle site valued before investing €109m in the €426.8m sale in 2006.

The value of the DDDA's investment has been written down to an extraordinary degree after the collapse of the property market.

This deal is one of many that perfectly symbolises the extravagance of the Celtic Tiger-era property bubble.

But as we all know, that bubble has long since burst and it is the taxpayer who will ultimately pay the price for the fact that the systems for controlling costs on projects were not implemented.

The reports should be published immediately and lessons taken on board.

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