If Treasury does not meet the deadline [to pay €900 million this month], Nama will move to appoint a receiver to certain properties in Ireland.
Treasury is jointly controlled by Irish businessmen Johnny Ronan (top, and, 2nd pic, with Bertie Ahern at the opening of the Convention Centre in 2010) and Richard Barrett (bottom pic right with Ronan and Brian Cowen at the Convention Centre opening).
Its portfolio of assets in Ireland includes the Spencer Dock development in Dublin’s Docklands and the Convention Centre Dublin, which was developed by Treasury and receives an annual subvention from the State.
The convention centre hosted a concert for Queen Elizabeth II on her historic state visit to the Republic last year.
Treasury also developed the luxury Ritz Carlton Hotel in Enniskerry, Co Wicklow.
The state loans agency appears to have lost patience with Treasury following many months of negotiations to agree a business plan and a term sheet for the loans.
“It’s in the cupboard. Behind the carrots.”
Nama Orders Johnny Ronan Firm To Stop Giving Money To Charity (Irish Times)
We like what they’ve done to the Bada Bing.
The complete Convention Centre opening image gallery.
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