NAMA moves in on Dromard developer Joe O’Reilly’s home
National Asset Management Agency (NAMA) bosses have reportedly lodged a charge against the family home of Longford developer Joe O’Reilly.
Claims over the weekend, one of which featured in a leading Sunday tabloid, indicated senior agency figures registered the charge on the same day his wife, Deirdre transferred the house and surrounding grounds back into Mr O’Reilly’s sole name.
The three storey mansion, located in Dublin’s exclusive Foxrock area, houses a gym, 20m indoor swimming pool, cinema/games room and even a hot tub.
This latest twist comes more than two years after the Dromard building magnate initially transferred the property’s ownership together with an apartment block into his wife’s name.
It’s also more than two years since Mr O’Reilly began working closely with the agency in a bid to recover up to €3bn in loans.
The catalyst behind Ireland’s largest shopping precinct, Dundrum Town Centre, the notoriously media shy Mr O’Reilly’s links as a noted Fianna Fail supporter are well known.
He was also one of a so-called ‘Golden Circle’ of developers who received substantial loans from the ill-fated Anglo Irish Bank to underpin its flagging share price.
It’s understood Mr O’Reilly owed Anglo €1.8bn and in excess of €1bn to a clutch of other financial institutions, most notably AIB.
The latest move by NAMA on the O’Reilly family home effectively means the founder of the Chartered Land Group cannot attempt anything with the assets without prior approval of the agency.
Mr O’Reilly was one of the State’s first series of developers to have their business plans scrutinised and subsequently accepted by NAMA.
Although unconfirmed, last year, it was reported Mr O’Reilly was receiving a salary of €200,000 from the State agency as part of the execution of his business platform.
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Sunday 19 May 2013
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