Libertas Institute’s deficit rises to €3.8m

Declan Ganley’s organisation says it will continue to seek to influence public opinion

Declan Ganley of the Libertas Institue. Photograph: Brenda Fitzsimons
Declan Ganley of the Libertas Institue. Photograph: Brenda Fitzsimons

Declan Ganley's Libertas Institute, which campaigned for a No vote in last year's EU fiscal treaty referendum, recorded a deficit for 2012 of €145,914, according to accounts just published.

The accounts show the institute had gross income in the year of €25,602, had operating charges of €97,617, and interest charges of €75,528. The institute’s main sources of income are donations and loans.

At the end 2012, the institute had a cumulative deficit of €3.8 million. It had third-party loans of €1.748 million, of which €1.4 million had been guaranteed by Mr Ganley. The accounts say the institute is dependent on the continued support of its creditors and directors. The figure for third-party loans in the 2011 accounts, which were filed last month, was €1.703 million.

The Libertas Institute is the legal entity used by Mr Ganley in campaigns against a number of EU treaty changes. “The company intends to lobby to influence public opinion into the future,” according to the accounts.

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Net cash inflow in 2012, according to the accounts, was €68,794, down from €1.5 million in 2011.

Mr Ganley had loans to the company of €437,901.

Colm Keena

Colm Keena

Colm Keena is an Irish Times journalist. He was previously legal-affairs correspondent and public-affairs correspondent