Treasury Holdings was an Irish property development company headed by Johnny Ronan and Richard Barrett. The company, which was insolvent with a huge amount of debt, was wound up in October 2012.

History

Treasury Holdings was formed in 1989 with its first serious development being the Treasury Building on Grand Canal Street on Dublin’s southside. This building housed the

National Asset Management Agency The National Asset Management Agency (NAMA; ) is a body created by the Government of Ireland in late 2009 in response to the Irish financial crisis and the deflation of the Irish property bubble. NAMA functions as a '' bad bank'', acquiring ...

and the

National Treasury Management Agency The National Treasury Management Agency (NTMA; , GBCN) is the agency that manages the assets and liabilities of the Government of Ireland. It was established on 1 December 1990 to borrow for the Central Fund and manage the national debt. Since t ...

Developments

* In November 2006, Real Estates Opportunities PLC (the Channel Islands-based property group in which Treasury Holdings had a 60% stake) purchased

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and the surrounding land for €532 million (£400 million). On 30 November 2011, it was officially announced that the REO scheme had collapsed with the debt called in by its lenders and creditors, putting the site in administration. * It acquired part of the Stillorgan Shopping Centre where it became embroiled in a long-running planning battle. * Blackrock Baths were acquired in 2006 * In 2007 its ambitious €60m plans to develop a state-of-the-art shopping centre and residential complex in the centre of Sligo were turned down by Sligo Borough Council. * The

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, conceived as part of the overall

Spencer Dock Spencer Dock () is a former wharf area, close to where the Royal Canal meets the River Liffey, in the North Wall (Dublin), North Wall area of Dublin, Republic of Ireland, Ireland. As of the 21st century, the area has been redeveloped with oc ...

Development, which opened in September 2010. * The Montevetro building and others at

Grand Canal Dock Grand Canal Dock () is a Southside (Dublin), Southside area near the city centre of Dublin, Republic of Ireland, Ireland. It is located on the border of eastern Dublin 2 and the westernmost part of Ringsend in Dublin 4, surrounding the Grand Cana ...

. The Montevetro building was sold to

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in January 2011.

Demise

In October 2012 the High Court appointed liquidators to Treasury Holdings and 16 related companies. The move followed a decision by Treasury not to resist a winding-up application by one of its banks, KBC, over a debt of €55m. Treasury had debts of €2.7bn, €1.7bn of which was owed to the National Asset Management Agency. In January 2013 liquidators were appointed to Real Estates Opportunities PLC. REO in turn managed the Opera property fund, a collection of 16 Irish properties including the Merchants Quay shopping centre in Cork and the Stillorgan shopping centre in Dublin. Some of the loans from this fund were sold to US investor Northwood. Richard Barrett now spends much of his time in China, and has since gone on to found Bartra, an international investment firm who 'focus on the delivery and operation of high-quality property solutions across all sectors of the market in Ireland, and internationally, including social and affordable housing, commercial real estate, residential homes, nursing homes, shared living, tourism and renewable energy.'

References

{{reflist Property companies of Ireland 2012 disestablishments in Ireland Irish companies established in 1989 Companies disestablished in 2012 Holding companies of Ireland