Johnny Ronan and the WLR Cardinal Mezzanine Fund are reported to be the front-runners to redevelop the CIÉ-owned site beside Tara Street railway station.

They are understood to have seen off 10 other bidders, including Sean Mulryan's Ballymore Properties.

It will be another step on the road to Mr Ronan's resurrection after his previous vehicle Treasury Holdings crash landed into Nama and was ultimately liquidated following a lengthy court battle.

His personal debts of about €300 million also ended up in Nama’s hands.

In April, Ronan Group Real Estate (RGRE) issued a statement saying Mr Ronan had exited the agency in a “€300 million transaction”. The deal was described as “highly complex” with a key point being that he repaid “all his loans in full”.

This was significant because it cleared the way under legislation for him to do business with Nama in the future if he wished to purchase assets from the agency.

CIÉ is a separate entity to Nama but it is also a state agency and it would have been tricky for it to do business with Mr Ronan if Nama wouldn’t or couldn’t.

The detail of Mr Ronan’s settlement has not been disclosed. But it was reported that his new investors were paying €250 million against the loans and Mr Ronan had successfully argued Nama should give him credits on 10 different issues to offset against a total liability of €290 million.

Given that Mr Ronan looks set to go into business with the Irish State once again, it is in the public interest that this is all cleared up. Nama’s hands are tied somewhat by commercial confidentiality but presumably Mr Ronan would welcome such a move.