Property firm Hardwicke Ltd incurred a loss of €483,000 on loans of $4.24 million (€3.2 million) that were advanced in 2002 to businessman Mark Kavanagh, a director of the company and one of the best-known developers in Dublin.

Mr Kavanagh paid back the money in full during the year to April 2004, although foreign exchange losses on the transactions were charged to Hardwicke's profit and loss account.

The company is well known as a member of the consortium that built the IFSC. Mr Kavanagh was questioned by the Moriarty tribunal in 2000 about money he gave in 1989 to the then Fianna Fáil leader, Charles Haughey.

Abridged accounts newly available in the Companies Office indicate that Hardwicke retains significant investment lands, which were valued on March 31st last year at €63.19 million.

This was some €2.48 million greater than the same day in 2003 after a €3.82 million revaluation by Jones Lang la Salle and a €1.34 million write-back were taken into account. The previous abridged financial statements - for the year ended March 31st, 2003 - indicated that the investment lands were worth €71.95 million on the same day in 2002.

The company is based at Wellington Road in Ballsbridge, Dublin. The accounts to the end of March in 2004 indicate that it had a mortgage of €33.62 million secured on a nearby property at Burlington Road. The accounts indicate that the maximum amount outstanding on directors loans to Mr Kavanagh and current accounts was €4.89 million during the previous 12 months.

Accounting policies outlined in the filings show that Hardwicke applies the euro exchange rates applying on the date of the foreign currency transaction in question. "Gains or losses on transactions are included in the profit and loss account."

The maximum amount outstanding in the same period on loans and current accounts to company director Brian Owens was €177,000, while the amounts outstanding to company director Paul Byrne was €2,000.

While these accounts do not include profit and loss account, the company had total net assets of €58.61 million at the end of the financial year.

The amount in the profit and loss account and the end of the year was €2.22 million, up from minus €94,000 a year earlier.

The Moriarty tribunal heard in 2000 that Mr Kavanagh handed IR£100,000 to Mr Haughey on the day of the 1989 general election in four separate amounts of £25,000. Central to the decision to give the money to Mr Haughey was the belief that Fianna Fáil in government would be important to the interests of the IFSC project.

Hardwicke did not make anyone available to comment on the figures yesterday.