Libertas Institute’s deficit rises to €3.8m

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.

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.