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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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We’re at full employment, time to start cutting the dole by 25% for every year the work shy stay on it, plus abolish the Christmas bonus for those on welfare, expect for pensioners, carers and disabled.
@Pat Hazzard: It’s never going to happen. Get over your yourself .its a political thing. Wake up and smell the coffee.
@Pat Hazzard: nutjob
@Pat Hazzard: Taxpayers are paying for 400-500 new (fake) asylum seekers per week coming in to this country and you’re harping on about dole spongers. None of the above should be getting a penny of our hard earned money. Give us some real politicians who can sort out this embarrassment. Sort it out NOW!
@YKwkSIqW: I have no issues helping people genuinely fleeing war and conflict. It’s obvious they do need initial assistance and I am more than happy for my taxes to fund this.
I do have have a massive issue; however, with my taxes being used to fund the dole payments for healthy and able people who simply choose not not to work or worse have never worked.
@Luke Windak: The fact is that neither our own dole scammers nor the fake foreign immigrant scammers should be getting any of our taxpayers’ money.
The overpopulation numbers of the countries at war simply couldn’t be absorbed in Europe. Talk to people living in Sweeden, Belgium, and many other European countries that have been destroyed by uncontrolled immigration.
@Thomas Sheridan: ‘Sweden and Belgium are destroyed’ ,really?
@Luke Windak: why is that a problem? There will always be a small percentage of people that don’t want to work and they should be supported. This is not a dystopian slave state where we force people to work.
@Peter Fitzgerald: The people that don’t want to work should be supported? Transported more like, to the nearest building site.
@Pat Hazzard: Unemployment is a requirement of “our” economic system.
Those that manage the economy plan to always have a certain level of unemployment. Otherwise the bargaining power would shift to the worker.
Yet you blame the unemployed.
And want to punish them.
@Peter Fitzgerald: Hi Peter, I don’t want to work any more so I’ll send all my bills to you to pay for me. No one should get dole if they haven’t paid into the system, especially when there are vacancies throughout the country.
Someone please pass the memo onto Mr Roderic O’Gorman, he’s wasted ten’s of millions of Taxpayers money on one project alone,it wasn’t too long ago our kid’s were sitting in leaky prefabs because there was no money apparently to fix them or buy new ones, but O’Gorman seems to have been able to find Millions of euro to house all his new arrivals or IPAs as he calls them.
What exactly is his agenda?
Will the government listen? Nah, not a chance. It’s election time freebies for everyone, even those living in D4.
But they’ll try and buy the votes anyway…. they ignored the fiscal advice last year too.
I am still paying USC while the banks make billions in profit. I will not vote for these liars.
@Sean Money: apparently, it’s for our 280 billion debt, but I’m not sure. In 2008, it was needed to bail the banks out. Now, it’s needed to pay the debt. Yet those responsible are drawing pensions of 300k of taxpayers’ money. Only in Ireland and the banks making billions profit.
@did you every wonder: Govt spending has increased by 30+% compared to 2019. They’re also taking in around 25-30% more income tax and Vat since then…… We on the other hand have much less money in our pockets thanks to the cost of living crisis. Fiscal watchdog doesn’t care if we starve. They don’t even seem to care that the departmental budgets have exploded and they waste money left right and centre! Watch the tax “give away” and keep the regular Joe down is the game!… Problem is there won’t be any more to take when the next crisis hits and the govt want to hike taxes again
@another one? what’s going on is the semi state sec: But what was inflation during that time anyway?
(The real rate, which seems to be higher than the official rate.)
If inflation during that time was also 30%, then the state isn’t increasing spending anyway.
@ItWasLikeThatWhenIGotHere: W.O.W….. by that logic we should all have 20% pay increases and tax should be adjusted to match. Which it hasn’t, which is the point. They’re spending is OTT, we are suffering…… Real rate from Jan 2020 to now is 19.57% according to CSO.
@did you every wonder: The USC and other new taxes (e.g. property tax) were not needed to bail out the banks, the money used for the banks was borrowed. The new taxes were to pay for the day to day spending in the country e.g. pensions, public services etc as our tax take was decimated due to it’s overreliance on property taxes and it’s only in the last couple of years that the country has run a surplus, we had been borrowing every year before that, again paying for public services.
@ItWasLikeThatWhenIGotHere: I’ll dumb it down for you. Pay increases are nowhere near 20% for the period, not even in the public sector, but spending is 30+% more. Any pay increases over 42k the govt gets more than half back in tax. Say you get a 10% raise. The increase to net pay is a much smaller percent than 10% but you pay a much bigger percentage of it in tax. Tax credits need to be increased, bands need to be increased, thresholds need to be increased inline with inflation. They’re choking the life out of the majority of the population to increase their departmental budgets……. So you have an idea of the 2016/2019/2023 exchequer returns figures: Income tax €21B, €25.6B, €36.3B. VAT: €18.6B, €20.9B, €28.4B CT: €8.2B, €12.3B, €26.5B. Fiscal Counsel and ERSI scaremongering!!!
@another one? what’s going on is the semi state sec: My point is that if government spending has increased by 30% but inflation has also increased by 30% then government spending is really at a standstill.
Irrespective of anything else.
@ItWasLikeThatWhenIGotHere: yeah except inflation isn’t at 30%, it’s 20%. It’s an irrelevant point when the topic is a giveaway budget when we are being taxed as if it’s still austerity times!….. In your terms, Govt budget has increased by 10+% relative to 2019 adjusted for inflation, value of my paycheck has decreased by 17%. I got a 5% raise. Worth funk all after tax. See the point!?!?!
Its ok to give BAM another contract to build something that no one asked for, just dont help out the vunerable in society.
@bruce banner: We badly need a state infrastructure company.
@ItWasLikeThatWhenIGotHere: That’s the last thing we need if we want to control the costs. We do however need a state department/company that can draw up a detailed tender so costs can be controlled and not allow contractors to move the goalposts after the contract is signed.
As for the new bridge, surely that money could have been better spend on coastal protection schemes in this country (where the coastline is being washed away with each storm and, as we’re being told, these storms will become more frequent and stronger) rather than a vanity project between 2 somewhat rural areas.
Inflation is up over 20% since 2020. Tax bands need to be widened to reflect this. Total tax reform needed. Income tax take has increased massively since 2019, as has VAT. We’re getting bled dry. Govt budgets have increased by 30% with all this extra cash coming in people have much less disposable income. Maybe the fiscal watchdog should call out the govt wasting of money and departmental budget management and realise how Funked most peoples household budgets are with the taxation on-top of the cost of living crisis
When election nears, governments ignore economical advice to buy elections. Sadly, voters tend to be as short sighted as governments are.
Let’s face it though. You are more likely going to vote for parties offering you money etc then a party saying they intend giving you very little or even advising tax increases for services.
@AnthonyK: spot on
It’s lies
NEVER is always the answer from these people…Tell me their thoughts on the RTE Scandal!!!
Regular detached house in Navan for 600k for example.
Yes, give us more money but it still won’t be enough, even for navan
Mmm. Rings a bell.
Crash on the way
I think the watchdog outfit needs to get a pit bull.
@Oh Mammy: an ill-timed comment considering the tragedy last night!
@Clare Power: True that. However, had he said “a Mali” most people wouldn’t understand.
@ Hector turtlehead: There is no ‘regular detached house’ in Navan for 600k. There are however a number of 4 and 5 bedroom detached properties that could be considered ‘regular’ priced between 380k and 450k. Still a significant wedge but a long way from the 600k you used to try and make your point. These things can be verified so presenting false facts is not very clever. As for 600k homes, there are people who can afford them and I don’t begrudge them that. Why focus on a property one can’t afford rather than those on the market that are significantly cheaper in the same area?
Just leave it as is. Social welfare recipients are almost better off than those working on minimum wage already. Tax bands are just fine, no need to fix anything just because elections on the horizon.
have your say