Sunday 26 March 2017

From poster boy of the boom to owing millions

Ronald Quinlan

Ronald Quinlan

AT the height of the boom he was known as the other half of an unrivalled property partnership with fellow construction titan Bernard McNamara. But as the fallout from the bust continues, Jeremiah O'Reilly would appear to be counting the cost to the tune of millions.

Accounts just filed at the Companies Office for the Kerry-born developer's principal firm, Jeremiah O'Reilly & Associates Ltd, reveal that the company recorded losses of €32,135,734 for the year ended December 31, 2009.

The figures also show that Mr O'Reilly's company owed €39,566,311 to creditors at the end of 2009, with €28,314,209 of this due for repayment within one year.

More significant is the €14,616,843 owed in bank loans which is "wholly repayable" within five years. And, according to the same accounts, Mr O'Reilly has given personal guarantees in respect of company bank loans.

The accounts also note "worldwide uncertainty, coupled with particular uncertainty in the Irish property and banking sectors, the establishment of Nama and the absence of any substantive transactions in the property market".

The filings also reveal how a 24-acre site in Ballymadun, Co Meath, saw its value written down from €3,416,301 on December 31, 2008 to €500,000 on December 31, 2009, to reflect its "current market value".

Sunday Independent

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