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Gannon profits up

PROPERTY developer Gerry Gannon is confident that the £24.9m (€30.5m) loans owed to NAMA by his business's UK arm will be repaid.

Profits increased 17-fold to £359,929 in the 12 months to the end of December 2011 according to accounts just filed by Mr Gannon's London-based Gannon Homes (UK) Ltd.

The most recent accounts for Mr Gannon's Irish-based Gannon Homes Ltd -- to the end of December 2009 -- show that €196.7m in loans have been transferred to NAMA.