Gerry Gannon's Gannon Homes has insisted it won't sell houses into a depressed market, despite being dependent on the NAMA for survival.
The position of one of Dublin's biggest landowners is revealed in new filings with the Companies Office, which were signed off by Gannon Homes' directors on October 7.
Gannon Homes' directors confirm that the company booked losses of more than €50m in 2008 and that the firm is now "dependant on Nama support to continue as a going concern".
But the company insists, in the accounts, that the losses suffered in 2008 are unlikely to materialise since they include "extremely conservative" property valuations that triggered €33m of asset writedowns. there is more