Carried away on property tide
Published 26/03/2010 | 05:00
The failures of Ireland's banks when it came to property investing are well known, but increasingly revelations about the Dublin Docklands Development Authority (DDDA) show that even state bodies got carried away on the tide of hysteria that was the property boom.
The DDDA was set up to improve the physical and economic landscape of the docklands, but the revelations suggest it had strange ideas about how to achieve this.
Most baffling was its decision to get involved in the disastrous Irish Glass Bottle site, which was purchased for an astonishing €426m in 2006. Not only did the DDDA and other investors overpay for this asset, it now appears a formal valuation was not even done by the DDDA before it was purchased.