The Dublin Docklands Development Authority has told the Dail’s Public Accounts Committee that U2 did not get a “secret deal” when the band purchased a prime warehouse site in Dublin’s Docklands for €450,000 two years ago.

The DDDA’s financial consultant, John Crawley acknowledged that the property had not been put on the open market - instead the sale had been agreed with U2 in “exceptional circumstances."

Mr Crawley told the Committee that the warehouse was sold at a fair market price after two independent valuations. He added that the €144 per square foot price that was paid compared favourably with the €99 per square foot price that was paid for a similar building sold on the open market at the time.

Almost ten years earlier, the DDDA paid €5.1m for two warehouses including the one subsequently sold to U2.