When you're not held accountable, why would you care?

Shea O'Meara

We've seen it with the Government, (although hopefully their time will come) and we've seen it with the banks.
Now this;

Dublin Docklands Development Authority:
" The annual accounts for the Dublin Docklands Development Authority for 2008 have been finalised, according to the Minister for the Environment, John Gormley.
Mr Gormley told the Dáil that the accounts show a loss of €27 million.
The Minister said the collapse in the financial and property markets has created serious challenges for the authority, with serious consequences for its financial standing."

http://www.rte.ie/news/2009/1124/docklands.html

"The €27 million figure quoted by MrGormley for the loss in the DDDA for 2008 is an operating loss.
That means it does not include the huge writedowns on its property assets, which will be included when the accounts are published later this week.
The full -ear loss is understood to be significantly higher, as it will include the DDDA's share in the 85% writedown of the Irish Glass Bottle site, among other writedowns."

I recall no government support for workers as Irish Glass was closed during the land grab around that area, yet now in a loss making position it is those very workers and other tax payers who will be expected to bear the brunt of any fiscal short comings. I wonder how much the DDDA put in the public coffers during their up period?

AlekSmart

I wonder how much the DDDA put in the public coffers during their up period?

Ask not what your country can do for you,but rather ask what you can do for your country...or words to that effect

I have no idea of how much the DDDA "put in" to the public purse,but one thing is for sure,it was used to the fullest when it came to appointing the brighest and best to sit on an oul board or two !!! :rolleyes:

Liam Byrne

The title of the thread bears a certain topicality from about 6 days ago....

Aside from that parallel, my own personal answer would be personal ethics and fairness, but those words don't seem to apply to many people nowadays.....

Politicians screw up - two fingers to the public
Banks screw up - bailed out by said politicians via the public's money
Regulators and quangos screwed up - paid off by their politician friends who appointed them, using the public's money

Anyone see the common factor there ?

Shea O'Meara

yeah..eh..Local Authority Clerical staff, nurses, teachers etc.? Oh and the unions!:rolleyes:

Fratton Fred

Who did they think was going to buy all these mega expensive apartments and deluxe offices? did they think Lehman brothers and Bank of America were going to relocate to Ireland?

Nodin

Fratton Fred wrote: »

Who did they think was going to buy all these mega expensive apartments and deluxe offices? did they think Lehman brothers and Bank of America were going to relocate to Ireland?

Given the amount of hubris at the time in that sector, and the potential attraction of low corporate tax and bugger all regulation, yes, they probably did.

Sizzler

Would you get away with this in a multinational?

Oh sorry Mr.CFO I made a slight error....erm..

http://www.independent.ie/national-news/oireachtas-gets-extra-83641m-for-pensions-after-accounts-error-1952772.html

wrote:

UP TO €1m more needs to be put into the pension payment scheme for TDs and senators this year because of an administrative error, the Irish Independent has learned.

The death of a number of sitting and former members of the Oireachtas is also being attributed to the additional spend.

The Dail will have to vote through an additional €997,000 for the Oireachtas pension scheme.

The Houses of the Oireachtas Commission says this money will come from savings elsewhere, although it's not yet clear how much will be saved by cutbacks in the Dail and Seanad.

The need for the extra funding is being put down to a combination of an "administrative underestimation" and unexpected payments to the families of deceased members.

"Due to a combination of underestimation of requirements and unanticipated payments in respect of certain deceased members, the Houses of the Oireachtas Commission needs to make additional technical provision for pensions. This will not effect an increase in the overall estimate provision for this year," a spokesperson said.

But the added payment does mean the Oireachtas will have to spend €1m which it expected to save.

When a serving member of the Oireachtas dies, a death-in-service gratuity or lump sum is payable to either the member's spouse or an executor of their estate.

Retirement

The amount of the lump sum payable is based on either the value of the deceased person's annual salary or the value of the pension lump sum which would have been payable to them on retirement -- whichever is higher.

The pension lump sum is calculated at three times the value of a member's annual pension. So if a pension is calculated to be €50,000, the pension lump sum would be €150,000.

A rough guide to the amount of gratuity or lump sum payable is half the salary multiplied by three.

The entire severance and pensions system in the Oireachtas has come under increased scrutiny since the start of the economic crisis.

The Government cut the pensions of sitting TDs by a quarter earlier this year, with a view to phasing the double payments out completely.

Former ministers -- including ex-Taoiseach Bertie Ahern -- could find it more profitable to retire at the next general election as a result of the move to change the payments.

The Government was under pressure on the issue since announcing in the April emergency Budget that it intended to end ministerial pension payments to sitting TDs.

It decided in June to reduce them by a quarter and then end them after the next general election.

Finance Minister Brian Lenihan drafted legislation to totally abolish the payment of ministerial pensions to members of the Oireachtas from the date of the next general election.

Fratton Fred

Nodin wrote: »

Given the amount of hubris at the time in that sector, and the potential attraction of low corporate tax and bugger all regulation, yes, they probably did.

they would only relocate if Ireland had a large stock market, which it doesn't. They may have moved their head office, but that would have on the same basis as microsoft did for some of its companies. ie, a handful of people with a registered office of a convenient Dublin based law firm. All this wouldhave done is fed a few extra quid into the government coffers and inflated Ireland's bogus GDP even further.

google "Round Island One" and "Flat Island" to find out more info on Ireland's two "largest" companies.