Garda HQ at Harcourt Square: owner Pecan Properties says it is dependent on the support of Anglo Irish Bank

The company that owns the Harcourt Square garda complex in Dublin city centre lost €47.9m last year after it recorded an impairment loss of €45m. Pecan Properties is owned by developers Jerry O'Reilly, David Courtney and Terry Sweeney.

A note to the accounts from 24 November of this year shows that the company's "loan facilities have expired and have not been renewed". It said that as a result it is dependent on the continuing support of Anglo Irish Bank "in respect of the provision of loan facilities and associated interest costs".

Pecan Properties now has a shareholders' deficit of nearly €58.2m, up from €10.27m the previous year.

Developer Bernard McNamara was formerly involved in the company but sold out to Terry Sweeney between 2007 and 2008, according to the annual returns.

Pecan's accounts also show that the company's subsidiaries, Alvergold, Value Equipment and Citypark, lost €11.36m, €2.5m and €22.1m respectively in 2009.

The complex was acquired by McNamara, Sweeney, O'Reilly and Courtney for about €92m.

Auditors Somers & Murphy said there was material uncertainty in relation to the company which may cast doubt on "its ability to continue as a going concern". They inserted an emphasis of matter in their report as a result.