Treasury Management

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THE BOARD of Treasury Holdings approved the transfer of €20.5 million worth of shares in a related company to its owners Richard Barrett and Johnny Ronan in 2010 just before loans relating to the property developers were transferred to the National Asset Management Agency.

The details emerged in an affidavit submitted to the High Court by Mary Birmingham, a senior portfolio manager with Nama who has dealt with the Treasury loans.

Nama claims that in return for this transfer, Treasury received €100,000 and unsecured loan notes, with several conditions attached. Ms Birmingham says Nama opposed this share transfer and has sought – to date, without success – to have it reversed.

But why, NAMA? Why?

Nama claims Treasury is “hopelessly insolvent” with overall debts of €2.7 billion and “past the point of commercial rescue”.

In addition, Nama had provided €103 million over the past two years to support Treasury’s continued functioning.

Ah.

Treasury transferred €20.5m shares before Nama took loans (Irish Times)

(Photocall Ireland)

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