THE Government has finalised a major new deal currently being considered by Priory Hall residents.
A source close to the negotiations today described the deal as a “major breakthrough”.
The plan, which was presented to the residents at the weekend, comes following a three week process involving the Department of the Environment, the Department of An Taoiseach, Dublin City Council , residents’ representatives and the banks.
An oversight team will be put in place by the government to ensure that the elements of the deal are workable.
Residents’ legal and financial advisers were yesterday afternoon briefed on the Government’s proposals to end the debacle.
It took several hours to inform the interested parties on the plans drawn up by the State’s senior civil servant Martin Fraser over the past three weeks.
Graham Usher, spokesman for the residents, said the talks were “ongoing” and were likely to continue over the next few days.
After a hectic afternoon of talks, he said residents would not be “saying anything further” until discussions had concluded.
Many of the residents had been calling on the Government to get the banks to agree to potentially transfer their mortgages from the troublesome Priory Hall to nearby NAMA-owned properties in north Dublin.