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PROPERTY DEVELOPER JOHNNY Ronan has exited Nama after paying off liabilities totalling €3oo million.
A statement issued on behalf of Ronan says that one of the Celtic Tiger’s most well-known developers is to make a “full and committed return to building high quality developments in Ireland and abroad”.
The statement was drafted by Ronan’s business partner Guy Leech, who arranged the €300 million deal that allowed Ronan leave Nama.
The payment to Nama follows investment from US firm Colony Capital and from UK based M&G Investments.
This financing was secured on the back of 24 Dublin properties owned by the Ronan Group Real Estate.
Johnny Ronan, property and the Celtic Tiger
Johnny Ronan is synonymous with the building boom that surrounded the Celtic Tiger in the decade before 2008.
His fingerprints can be seen on some of Dublin’s most prominent buildings built during that time, including the Convention Centre Dublin and Google’s high-rise HQ on Barrow Street.
Criticism
However, his excesses and partying often drew the criticism that now clings to property developers, and is used a way of criticising their ilk.
His relationship and subsequent breakup with model Glenda Gilson, and even stories of Ronan jetting to Morocco with former Miss World Rosanna Davison, all fuelled interest in him.
Since that period, his financial travails with the State’s bad bank similarly echoed the collapse of the Irish property market.
But today’s announcement that he has settled his loans with the Nama, and by extension repaid the exchequer, could perhaps go on to demonstrate the return to the fold of large-scale construction projects in Ireland.
Time will tell to what extent he’s involved, but today’s statement predicted he’s hoping to be a big player again.
“Ireland needs more quality housing and office development and the Ronan Group will meet that need.”
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Private sector.. prepare to be hammered! You will support the public sector.
Do you actually know anyone in the public sector? I do, most of them take home about €400.
I do, but people I know are all on €50k+. They are actually laughing at how much they are being paid for “scratching their arse”
I bet you could count the amount of people you like that on one hand with three fingers and a thumb cut off.
You know…sorry
My wages are now down below €400 a week
Howlin can promise what he wants. But its out of his control. If the economy does not grow, and there are no more bailouts from the IMF/ECB , then he just won’t have the money to pay the public sector pay bill.
Looks like the public sector is in for another round of bashing. Lets do a poll! What services do people want to see cut, and what services are you prepared to pay private companies directly for?
No pay cuts, no income tax rises, no cuts to social welfare. How will they pull this off?
Two words- Roscommon Hospital.
There are at least three more budgets in this austerity plan. The Public Sector has already been hit hard so they will be left alone this year ( other than having to pay water charges, property tax like everyone else).
But come budget 2012 or 2013 they will undoubtedly be attacked again.
They have said that before, they promise but never keep them.
ekhm… Why not?
The reason for the possible cut is that taxes are not large enough to pay the costs of government and social welfare. The gap between revenue and spending is not being closed fast enough.
Another agreement delivered on by the ICTU unions
The new Fianna Fail – they fail to see the herd of elephants standing in front of them. Yet the Germans can see our herd of elephants from the far side of Europe. I hear One elephant is called ICTU and another is called IBEC – any other names fir the rest of the hers are welcome.
Why is the gov making promises? Is there an election coming, yes there is. When we have a new pres will the position change.
The public sector must share the pain like the rest of us Minister !
You’ll be downvoted for that comment. Most of them spend the day on here instead of working.
Dont be fooled, the Gov are seeking other ways to get the revenue, indirect taxes. Its a way of avoiding directly confronting workers but make no mistake there will be less money in our pockets. Add to this interest rate increases, continually rising unemployment thus increased Gov expenditure….not sustainable…….unless of course we stop putting money into dead banks or EU and start putting it into the country…..
have your say