Thursday 22 March 2018

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

Ronald Quinlan

Ronald Quinlan

'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."

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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