Developer Johnny Ronan is in discussions with the National Asset Management Agency (Nama) about a luxury yacht worth more than €25 million as he prepares a plan to repay his personal company debts of €250 million to it.

The 150ft-plus yacht called The Ulysses is owned by a trust that Mr Ronan set up before the foundation of Nama in 2010. This places the vessel legally outside both his control and the State property agency.

Mr Ronan told Nama of the existence of the trust four years ago when his company and personal loans were transferred over to the agency but it has not been known publicly before. Debts related to the yacht are owed to another bank, further complicating matters.

Nama has repeatedly pressed Mr Ronan to unwind the trust and sell off the vessel. The boat is being rented out to millionaires primarily in the Mediterranean for hundreds of thousands of euro a week.

Nama has previously convinced some developers to unwind trusts in return for its continued support or to facilitate their exit from the agency.

In recent weeks Mr Ronan has approached Nama to buy out his loans for their full value with the backing of Development Securities, a UK property firm. His assets include Dublin offices including Treasury Buildings, which houses Nama.

Discussions centre on how Mr Ronan intends to repay his loans at par but the issue of the yacht too has come into focus. It is understood that the trustees of The Ulysses are now preparing to sell it in a move that could progress negotiations.

Mr Ronan was unavailable for comment yesterday. Nama declined to comment.