Gerald Ronson's annual lunch at The Dorchester has become a grand affair. This year, 350 of the commercial property industry's leading businessmen and most influential commentators were looking forward to its courses of salmon and beef.
Before they could tuck in, Ronson, 71, spoke in his matter-of-fact, glass half full manner. The man behind Heron Tower, the soon-to-be-completed luxury City skyscraper adorned with a vast aquarium containing 67 species of fish, spelt out the problems facing the sector.
"The banking sector has not been able to provide the oil necessary to get the development wheels working again," he warned on Tuesday. "Banks still have a lot of unfinished business of their own and the big question is what happens to the parcels of toxic waste they have tucked away. The banks, especially the Irish ones, will be sitting on some big losses."