TREASURY HOLDINGS GROUP: SUCKING THE MARROW FROM THE BONE
Aug 1st, 2011 by Conor McCabe
STATE PAYMENTS of more than €43 million have been made to the consortium behind the National Convention Centre since its opening in Dublin’s docklands one year ago.The payments represent a subsidy of more than €500 for each visitor to events held in the centre since last August.
The payments are part of the 2007 public-private partnership deal agreed by the then government with the Treasury Holdings-led consortium, Spencer Dock Convention Centre Dublin.
Under the deal, the State will pay the consortium about €715 million over 25 years before the centre reverts to State ownership. (Irish Times, 1 August 2011)
So in 25 years time the citizens of this country will have a 25 year old structure of questionable value due to its physical condition and maintenance costs. And all it will cost us is €715 million unless the project goes belly-up before then.
Nice going Treasury Holdings!
I have written about the awarding of this contract to Treasury Holdings at http://puckstownlane.wordpress.com/2011/06/24/the-national-convention-centre-contract-%e2%80%93-what-a-cock-up/
It is bizarre, to put it politely.
“This looks like a giant financial cock-up, and wicked people could postulate a more sinister interpretation……”
That’s a great article MC, thanks very much for the link.