Wednesday 18 January 2017

Treasury and Nama: the end of the affair

A falling-out between the agency and these Celtic Tiger symbols was bound to happen, says Ronald Quinlan

Published 29/01/2012 | 05:00

'THE site lay tantalisingly waiting for a saviour, legs akimbo, breasts appetisingly on openish display. We laid in patient wait, hoping for the right moment, which eventually arrived."

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For anyone trying to understand how relations between Treasury Holdings and Nama finally broke down, Richard Barrett's semi-erotic description of how he and Johnny Ronan finally managed to buy London's Battersea Power Station in 2006 for €600m provides a useful starting point.

Barrett's candid contribution to That'll Never Work: Success Stories from Private Irish Business -- a book replete with hubris and devoid of irony, published on the brink of the global economic crash in 2008 -- gives a telling insight into how someone so outwardly urbane and reserved came to work so well alongside the so-called 'bearded buccaneer' Johnny Ronan.

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