Dermot Desmond IFSC firm is sitting on losses of €9.5m IFSC
Published 16/12/2010 | 05:00
A Dermot Desmond IFSC company is sitting on accumulated losses of €9.5m and is dependent on continued support from companies connected with Mr Desmond.
IFSC South Block, which has taken planning actions over the years, now has liabilities exceeding assets to the tune of €3.6m, according to the company's latest authorised accounts.
The company's two directors are Mr Desmond and his long-time associate Brendan Timbs.
"The company has received confirmation that the required financial support will be forthcoming, which will enable the company to meet its debts as they fall due for a period of at least 12 months,'' the 2009 accounts state.
The company's balance sheet shows creditors of over €4m, which is mainly accounted for by amounts owed to a connected company.
In February, ownership of the company was taken up by an Isle of Man company, Nebraska Holdings Limited.
"The controlling interest in the company is held by Mr Dermot Desmond," the accounts say.
Mr Desmond, one of Ireland's wealthiest businessmen, is currently advancing a plan for a cultural university for Irish artists and musicians.
Mr Desmond first floated his idea to establish a university of the arts at the Global Irish Economic Forum, the event held at Farmleigh in Dublin during summer 0f 2009, which was attended by well-known public figures from around the world.
Desmond has recently spoken out in public about banking issues, warning that Ireland would be "doomed to an uncompetitive banking system overseen by faceless mandarins" if AIB or Bank of Ireland ends up in state control.
Desmond warned that it was "vital" either AIB or BoI "at a minimum" must be handed over to foreign or private ownership to save Ireland's banking system from being entirely overseen by "faceless mandarins in the Department of Finance, the Central Bank and their political masters".