Insolvent State agency Dublin Docklands Development Authority plunges to massive loss of €213m; Taxpayer bailout signalled after reckless venture
Nov 26th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The insolvent State agency, the Dublin Docklands Development Authority, today published its 2008 financial results and plunged to a massive loss of €213 million mainly arising from a writedown of its investment in the Irish Glass Bottle site, which dates from 2006 -- the peak year of the Irish property bubble. The DDDA chairman has signalled a taxpayer bailout of the agency after a reckless venture in property speculation.