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Treasury Holdings - Ronan/Barrett


He3

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Oct 1, 2008
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Seán O'Casey should be here to see this. Some developers are in what is for them the gutter. but they are looking at the stars. The only way is up baby.

As Cantillon says Nama's Treasury actions carry the whiff of bailout

IT IS UNFORTUNATE for the National Asset Management Agency (Nama) that the first insight into its interaction with a large development company should reveal something that looks more like a a bailout than a no-nonsense restructuring.

The genesis of the agency and its subsequent activities have taken place behind the shield of obsessive official secrecy which sheltered much of the Government’s role in bringing the economy crashing down. [,,,]

The Government and Nama have not done enough in the intervening period to deserve the unqualified trust of the public.

As a result it is only prudent for taxpayers to assume that the accommodating stance apparently being adopted towards Treasury Holdings will be extended towards its other troubled customers. They can also assume that no justification will be offered or deemed necessary. And that has the whiff about it of the bailout for developers which many claim is Nama’s true purpose.
 
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godot666

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Seán O'Casey should be here to see this. Some developers are in what is for them the gutter. but they are looking at the stars.
That was Oscar Wilde not Sean O'Casey.
 

He3

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Heh. Either would have a ball with this, but O'Casey gets the nod over Wilde on this occasion... its Seán's outrage we need rather than Oscar's wit.
 

Oldira1

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Oct 2, 2008
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NAMA is proving now to be a bailout for: 1/ Banks 2/Lawyers 3/ Accountants 4/Estate Agents 5/developers in that order. We will see developers submit business plans that will be evaluated..not by NAMA staff but third party accountants and financial services firms. Many of these firms will have already acted for developers so will naturally take a sympathic view of them. Watch out for business plans that will have large 'consultancy' fees. This will be to hide money paid to developers for their assistance and 'know how' in bringing a project to completion.
Any developer applying for working capital to finish a project should be paid absolutely NOTHING.
 

Baron von Biffo

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May 16, 2007
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NAMA was established by Brian Lenihan, the man who rolled over for the bankers and wrote them a blank cheque, why would anyone expect it to put the taxpayer ahead of the gangsters?
 

rubensni

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Battersea power station has been the subject of development and urban renewal projects since the 1980s. All the others have failed, but REO expect to succeed. Why?
 

Dillinger

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Nov 14, 2007
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We do not have enough money to keep all these cowboys in jobs. How long before the ECB shout stop, or do they care, as long as we are not kicking up a stink.
 

Asparagus

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Apr 7, 2010
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Battersea power station has been the subject of development and urban renewal projects since the 1980s. All the others have failed, but REO expect to succeed. Why?
Succeed - who ever said that was the goal?

These lads got caught with their pants down and now NAMA is finding a way to give them tax payers cash so that they can keep up the ould lifestyle otherwise Nama'd repo the assets, develop them themselves and pursue these guys for 13 years for every penny o/s like they would you or me.
 

Asparagus

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We do not have enough money to keep all these cowboys in jobs. How long before the ECB shout stop, or do they care, as long as we are not kicking up a stink.
Sure the ECB love us - we are the poster boys for assuming corperate debt as sovereign debt -

We lead the way in maintaining the status quo.

Careful now.
 

stanley

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Jun 20, 2007
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The Irish Times - Thursday, June 24, 2010High-profile developers seeking capital from Nama
Related
REO to seek partner for Battersea project | 24/06/2010An early test of what Nama’s backing means | 24/06/2010Cracks appear in a property empire stretching from Dublin to China | 24/06/2010In this section »
D

TAXPAYERS MAY have to provide money to a company backed by high-profile developers John Ronan and Richard Barrett through the State’s toxic loans agency Nama.

Property investment firm Real Estate Opportunities (REO), whose biggest shareholder is the Mr Ronan and Mr Barrett-controlled Treasury Holdings, said yesterday it owes Nama €997 million after the agency took over loans given to the company by AIB, Anglo Irish, Bank of Ireland and Irish Nationwide.

REO owes €2 billion in total to its banks, while its properties in Ireland and Britain are valued at €1.3 billion. Its accounts state it is not in a position to repay €450 million of debt that falls due next May. It has hired consultants to help restructure this.

The company has asked Nama to provide it with working capital – the cash it needs to fund operations. A business plan it has submitted to the agency assumes this will be provided.

Nama already looks set to waive a key term of a €100 million-plus loan originally given by Bank of Ireland to REO to help fund its purchase of Battersea power station in London in 2006 for €600 million.


Battersea is likely to cost £5.5 billion to develop. The company intends bringing in a partner to help fund this by the end of the year. Mr Ronan and Mr Barrett are two of the country’s best-known property developers. They began building up their business in the late 1980s. Nama is one of Treasury Holdings’ tenants – the agency occupies space in the Treasury Building on Dublin’s Grand Canal Street."





These guys seem to be the prime example of "if you owe the bank a Bn it is the bank's problem, not yours".


Looks like they now require Nama (taxpayer) to fund their operations and thereon their lifestyles.

Enough is enough, stick a Receiver in and get control and reality on the position.
 

oceanclub

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Looks like they now require Nama (taxpayer) to fund their operations and thereon their lifestyles.

Enough is enough, stick a Receiver in and get control and reality on the position.
Where's Johnny these days, anyway. After being in the papers for roaring at Eyebrows Gilson in a Ranelagh pub, I thought he had slunk out of the country?

Was he still able to afford to give his son a mansion for his 21st birthday?

Johnny Ronan: How about a mansion for your 21st, son? - Times Online

P.
 

rubensni

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Apr 27, 2009
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737
There's already a thread on this, but it has a stupid title.

The scary part of REO looking for this cash is they were seen as something rare, a jewel in the crown of thorns that is Nama. Oh well.

Ronan/Barrett are in deep in China as well, with the potential of a large crash there also and no guarantee that the Chinese govt. will nationalise the debt.

Looks like this could only the beginning, as plenty more developera will need cash. . .
 

politicaldonations

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Sep 28, 2006
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i know someone who works in the treasury building and says he was always an arrogant pr1ck when encountering ordinary staff in lifts etc
 

droghedasouth

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May 10, 2007
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REO owes €2 billion in total to its banks, while its properties in Ireland and Britain are valued at €1.3 billion. Its accounts state it is not in a position to repay €450 million of debt that falls due next May. It has hired consultants to help restructure this.
Interesting that even these two smart boys are in the red for €700,000,000.00.
 

stanley

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Jun 20, 2007
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There's already a thread on this, but it has a stupid title.

The scary part of. REO looking for this cash is they were seen as something rare, a jewel in the crown of thorns that is Nama. Oh well.

Ronan/Barrett are in deep in China as well, with the potential of a large crash there also and no guarantee that the Chinese govt. will nationalise the debt.

Looks like this could only the beginning. . .


Amalgamate the threads, Mods.

Chinese Govt will not give a fup about these guys, they will pick their bones and kick them out, will not matter who they have on their side Obama/Putin they do not care.
 

rubensni

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Chinese Govt will not give a fup about these guys, they will pick their bones and kick them out, will not matter who they have on their side Obama/Putin they do not care.
Thing is, if there is a bubble in China the collapse could be so big as to lead to social unrest amongst the new middle class over there, which would mean real trouble for the communist party. It's one thing to have students and trade unionists out on the streets, but when the property owners (managers, lawyers, doctors, accountants, etc.) are out for a pound of flesh it's not so simple to just send in the tanks. For this reason the Chinese govt may have to prop up the market if the bubble does burst.
 

truepatriot

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Mar 12, 2010
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911
I knew rickie barrett from my college days in dublin. At that stage i knew he was destined for great things. His family were deeply immersed in f.f. Charlie was an old family friend. As for johnny ronan, he has definitely lost the plot. Hanging out with rosanna and glenda , that could seriously damage your ego. He is definitely going thro the male menopause. Has anyone seen him lately?
 

jmayo

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Jan 19, 2009
Messages
669
We do not have enough money to keep all these cowboys in jobs. How long before the ECB shout stop, or do they care, as long as we are not kicking up a stink.
The ECB don't give a rats ass so long as Paddy the Taxpayer is covering the cost.
The greeks did have a point they are not gullible and prepared to roll over like us.

How to prolong the sexual experience with former miss worlds ?
Just say the words "whose your daddy ?"
 
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