NAMA piles on pressure as developer Ronan sells his private jet
Published 04/08/2011 | 05:00
Property developer Johnny Ronan of Treasury Holdings has sold his private jet as NAMA heaps pressure on developers to alter their lifestyles.
While the loan used to purchase the jet is not in NAMA, it is understood Mr Ronan has accepted that owning the aircraft is not in keeping with current economic realities.
Treasury Holdings declined to comment. The jet is owned by a company controlled by Ronan and two of his children Jodie and John Jr, called Carlton Lane Ltd.
The jet has been leased to various parties over recent years, but it also hit the headlines in 2010 when it was reported Mr Ronan used it for a trip to Marrakech in Morocco with model Rosanna Davison.
The loan to finance the aircraft was advanced by Lombard Ireland, which took a charge over it in 2009. The aircraft was most recently valued at €6.7m, although it has depreciated over the intervening years.
The decision by Mr Ronan follows a recent ban on the use of private helicopters by NAMA. Meanwhile Mr Ronan's own company, Ardquade, which holds many of his interests, has reported its results. These show accumulated losses of €6.6m and the accounts make it clear that the firm has submitted a business plan to NAMA for approval.
There is a deficit in shareholders's funds of €3.4m, with other group companies owing it €20m. The company is up to date with all its banking obligations, although loans with Anglo Irish and Bank of Ireland have transferred to NAMA.
The company is hopeful that NAMA will work with it in future years. The accounts cover 2009. Among the subsidiaries with a connection to Ardquade is the Spencer Dock apartment development. Also included is a wine storage and distribution business which according to the accounts is producting an annual profit of about €189,000 for Ronan, who is described as the man who controls the Ardquade companies