Developers Treasury 'past the point of rescue'

Treasury Holdings has been described by NAMA as significantly insolvent and past the point of rescue in Commercial Court proceedings.

The agency said the group of companies has debts of €2.7bn and is reliant on financial support from NAMA.

A portfolio manager at the agency has said there was "grave concern" about the board of Treasury approving the transfer of €20m worth of shares to benefit the company's owners Richard Barrett and John Ronan, at a time when the board was aware their loans would be transferred to NAMA.

Today is the second day of an action by Treasury Holdings challenging NAMA's decison to appoint receivers over some of its property assets.