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Media articles from THE REPUBLIC OF IRELAND


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#1666 Shotoflight

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Posted 29 April 2013 - 05:06 PM

Long winded - has many common facets in relation to NI especially media input

For Those Who Shouted Stop, He Salutes You


http://www.broadshee...he-salutes-you/

Another Irish analyst to have done so is Morgan Kelly (above). He looked at nearly 40 property booms and busts in OECD economies since 1970 and showed that there is a strong relationship between the size of the boom and ensuing bust: typically, ‘real house prices give up 70 per cent of what they gained in a boom during the bust that follows.”

Dr Mercille gives four reasons why the media may have sought to downplay the bubble and its dangers.

1) The news organisations have multiple links with political and corporate establishment, of which they are part, thus sharing similar interests and viewpoints.

2) Just ‘like elite circles’, they hold a ‘neo-liberal ideology’, dominant during the boom years.

3) They feel pressures from advertisers, in particular, real estate companies.

4) They rely heavily on ‘experts’ from ‘elite institutions’ in reporting events.

He writes

“Irish news organisations are large private or government-owned institutions, and as such are themselves part of the corporate and political establishment…”

“…The overall point is that news content reflects economic and political elites’ interests and views. The Irish media can be seen as neoliberalised, in line with Ireland’s political economy. Over the last several decades, mergers have reduced the number of smaller, independent regional news organisations and increased the concentration of ownership, while the liberalisation of the industry has allowed a number of foreign companies to take stakes in the Irish media. It has been argued that increased commercialisation has contributed to a shift away from investigative journalism and toward a ‘tabloidisation’ of the news.”

Dr Mercille says because the property boom helped key sectors of the Irish corporate and political establishment, “it was never seriously challenged”.

“Government-owned media are by definition controlled by the government to a greater or lesser extent, through funding and appointments of principal officers. In theory, state-owned media could be more representative of popular concerns than private media since they are part of the democratic structure of government. However, this only goes so far as the government is democratic and, in Ireland as elsewhere, national politics are largely dominated by a few parties representing various factions of the establishment.”

“In 2008, PricewaterhouseCoopers conducted a detailed study offering a comprehensive look at the ownership, size and concentration of the media in Ireland that illustrates the above statements. Independent News & Media (INM) is arguably the dominant media conglomerate and is listed on the Irish and London stock exchanges. During the housing bubble years, it generated annual revenues of €1.67 billion (2007 data), owned 200 newspapers and magazines, 130 radio stations and 100 online sites in Ireland, the UK, South Africa, India, Australia and New Zealand. In Ireland, it owns seven national and 17 local newspapers and 27 websites. Some of those are leading titles, such as the Irish Independent, Sunday Independent, Sunday World and Irish Daily Star.

“Its main bankers are Bank of Ireland, AIB and Ulster Bank Ireland, which were all deeply involved in the housing bubble. Its board members and directors are establishment figures, including the financial sector. For example, board members have included Brian Hillery, a Director of the Central Bank of Ireland and former Fianna Fail member of parliament, Dermot Gleeson, the chairman of AIB during the housing bubble years, and B.E. Summers, a director of AIB.”

“The Irish media even acquired a direct financial interest in the sustenance of the real estate bubble by acquiring property websites. For example, in 2006, INM bought PropertyNews.com (along with the PropertyNews monthly newspaper), the ‘largest internet property site on the island of Ireland’ listing ‘nearly 20,000 properties for sale’. In 2006, the Irish Times, Ireland’s newspaper of record, also bought the property website MyHome.ie for €50 million, along with the website newaddress.ie which aims to make it easier for home owners to move residences. The Irish Times’ board has also been replete with individuals linked to the corporate and political establishment. For example, during the bubble years, the board included David Went, CEO of Irish Life & Permanent, an Irish bank deeply involved in the housing boom.”

#1667 willie

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Posted 01 May 2013 - 05:33 PM

NAMA is attacking Namawinelake with an injunction
http://www.theproper...hp?f=50&t=59176

#1668 Shotoflight

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Posted 13 May 2013 - 06:44 PM

Building slump goes on as orders fall

http://www.independe...l-29261347.html

The Irish construction industry's decline deepened last month as new orders slumped.

Construction activity in April fell at the steepest rate in seven months, though firms still predict a growth in business this year.

The latest Purchasing Managers' Index for the sector has a headline figure of 41.9 for April, down from 43.1 in March. Any figure under 50 indicates a decline in activity.

A drop in civil engineering activity led the fall and housing and commercial construction were also down.

New business decreased substantially, down for a sixteenth successive month.

"Construction firms continue to report a lack of new business as a critical issue," said Ulster Bank economist Simon Barry.

Jobs were cut at their sharpest pace so far in 2013.

#1669 Shotoflight

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Posted 13 May 2013 - 07:00 PM

Economic and Social Research Institute says young bearing brunt of economic crisis

http://www.rte.ie/ne...conomic-crisis/

Research by the Economic and Social Research Institute suggests that the main burden of the economic crisis is being borne by the younger half of the Irish population.

It says unemployment and high levels of negative equity are more prevalent among those aged under 45. The institute says this has led to a very sharp drop in spending by this age group. About half of Ireland’s 1.6m households are headed by someone aged under 45.

The ESRI says younger people are more likely to have lost their jobs, and are more likely to have bought property at the top of the boom. While household incomes for under 45s have gone down by 8%, their spending on consumption, including housing, has gone down by 20%. By contrast, spending by people over 45 has not declined.


Irish League of Credit Unions reject Central Bank plan for distressed borrowers


http://www.rte.ie/ne...ntal-bank-plan/

''A major flaw with this framework from the outset has been the absence of provision for mortgage write-off or write-down which is an essential element of any plan to give meaningful relief to those in unsustainable debt situations,'' the credit union statement said.

It added that credit unions would be willing to participate in a scheme that gives ''real relief'' to members in distressed mortgage situations. But it said it refused to facilitate the banks in ''bleeding distressed borrowers who would receive no permanent relief as a result of this framework''.

''The framework is clearly written with the intention of protecting the banks’ capital positions and maximising their income from mortgage interest payments. It does this very effectively at the long-term expense of the borrower,'' today's statement concludes.

Speaking on RTÉ's News at One, Irish League of Credit Unions chief executive Kieron Brennan said the league had called for burden sharing, including debt write downs by the bank.

#1670 Shotoflight

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Posted 14 May 2013 - 03:24 PM

Court orders Peter Darragh Quinn to pay €145m damages to IBRC

http://www.rte.ie/ne...y-145m-damages/

Peter Darragh Quinn, a nephew of bankrupt businessman Seán Quinn, has been ordered to pay €145m damages to Irish Bank Resolution Corporation over his "pivotal" role in stripping assets from the Quinn family's international property group.

Three Russian companies were also ordered to pay damages of €252m, €178m and €154m over their involvement in the scheme to place assets beyond the reach of the bank.

Mr Justice Peter Kelly assessed damages in those amounts at the Commercial Court following the entry of judgment last February against Mr Quinn after he failed to enter a defence to the bank’s claim.

Justice Kelly noted IBRC had limited its claim to €145m for now against Mr Quinn but was reserving its position in relation to other possibly quantifiable losses

#1671 Shotoflight

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Posted 14 May 2013 - 03:29 PM

People who deliberately don't pay mortgages will be prosecuted

http://www.independe...d-29265737.html

PEOPLE who deliberately do not pay their mortgages in the hope of securing debt deals will be prosecuted, the head of the new insolvency service said.

So-called strategic defaulters face fines of up to €10,000 or could end up being jailed for five years, head of the Insolvency Service Lorcan O’Connor said.

Some estimates has put the numbers who are not paying their mortgages, even though they have the funds, as high as one of third of the numbers in arrears on residential and buy-to-let arrears.

There are almost 100,000 residential mortgages in arrears of three months or more and 28,400 investor mortgages where payments are not up to date.

Mr O’Connor said that if some of these people are choosing not to pay in the hope that they can avail of one of the new insolvency deals he will pursue them.

He told the Bloomberg news service: “There is anecdotal evidence that in some cases people have been either preferring certain creditors over others or adopting a strategic default.

“It’s incumbent on the service to ensure we are strict and protect the integrity of the 99pc of cases that are genuine.”

The insolvency service is due to get up and running next month when people will be able to apply for debt write-off deals. But these people will face a clampdown on their spending, if they are to get a deal.

#1672 yadayada

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Posted 14 May 2013 - 05:26 PM

Court orders Peter Darragh Quinn to pay €145m damages to IBRC

http://www.rte.ie/ne...y-145m-damages/

Peter Darragh Quinn, a nephew of bankrupt businessman Seán Quinn, has been ordered to pay €145m damages to Irish Bank Resolution Corporation over his "pivotal" role in stripping assets from the Quinn family's international property group.

Three Russian companies were also ordered to pay damages of €252m, €178m and €154m over their involvement in the scheme to place assets beyond the reach of the bank.

Mr Justice Peter Kelly assessed damages in those amounts at the Commercial Court following the entry of judgment last February against Mr Quinn after he failed to enter a defence to the bank’s claim.

Justice Kelly noted IBRC had limited its claim to €145m for now against Mr Quinn but was reserving its position in relation to other possibly quantifiable losses


Will they be able to enforce this if he stays in Fermanagh?

#1673 Shotoflight

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Posted 15 May 2013 - 05:45 AM

Will they be able to enforce this if he stays in Fermanagh?



Liquidators can cross the border to claim £123m debt from Quinn


http://www.belfastte...n-29267672.html

He cannot be extradited back to the Republic because the sentence was over a civil rather than a criminal matter.

However, the border is no protection when it comes to collecting a debt, according to sources close to the IBRC liquidators.

If Mr Quinn does not pay the money – as ordered by the High Court in Dublin – the authorities in Northern Ireland can be called in to seize property, including personal items such as cars.

The order also means that charges can be taken over bigger assets such as land and buildings, and ultimately receivers can take control if the liquidators can establish assets are owned by Mr Quinn.

Failure to pay the money ordered by the court could ultimately result in Mr Quinn being declared bankrupt.

#1674 Shotoflight

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Posted 15 May 2013 - 06:29 PM

Boss who used €41k of pension money in effort to save failing construction company avoids jail

http://www.independe...l-29270158.html

In mitigation, Mr Berry said McNulty had spent five days in custody after his arrest in the UK before be returned to Ireland to face the prosecution. While out of the country he had gone to Nigeria to work as an engineer and the money he earned there was used to support his family.

His company was owed stg £700,000 in relation to a building project in Belfast and that has still not been paid.

#1675 Shotoflight

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Posted 15 May 2013 - 06:33 PM

Jim Corr was 'trying to protect family'

http://www.independe...y-29270211.html

MUSICIAN Jim Corr told the High Court today he was trying to protect his and his family's interests when he sold off a mortgage-free Dublin 4 apartment for €350,000 shortly after a bank got a court judgment against him for €1.4m.

Under intense questioning about his finances by counsel for ACC Bank, which is owed the €1.4m, Mr Corr said he was "trying to protect what I could" once the bank got its judgment relating to an unpaid loan for the purchase of 94 acres in Goresbridge, Kilkenny.

He "never thought for a second" that he would face being required to pay all of a €1.4m judgment.

The money he got from property sales largely went to put out "financial fires". He insisted he had done his best to come to arrangements with ACC over the debt as he had successfully done with Bank of Ireland and Ulster Bank in relation to other debts.

#1676 willie

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Posted 20 May 2013 - 05:40 PM

NAMA is attacking Namawinelake with an injunction
http://www.theproper...hp?f=50&t=59176

Very sad news Namawinelake is no more

https://namawinelake...ewell-from-nwl/

#1677 Shotoflight

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Posted 20 May 2013 - 06:06 PM


Mortgage lending slumps two-thirds in first quarter


http://www.independe...r-29281138.html

THE rate of mortgage lending fell by two thirds in the first three months of the year - in terms of the number of loans and the amount borrowed.


The latest figures from the Irish Banking Federation show that so far this year lending is running at lower levels than at any time in 2012.

There were just over 2,000 mortgages approved in the first three months of the year and the amount borrowed was €331m.

It is down from 6000 mortgages approved in the final three months of last year when the total borrowed was €999m.

In the first three months of 2012, which is a better comparison, 2600 mortgages were approved and the total amount borrowed was €450m.

“The lower level of new mortgage lending recorded in this first quarter comes as no surprise and has been well flagged in the monthly approvals figures published by IBF during the quarter,” said Felix O’Regan, director of public affairs at the Irish Banking Federation.

He said the decline reflected “front-loading “ at the end of last year as buyers took advantage of the last chance to benefit from the mortgage interest relief tax break before it was scrapped, as well as the normal slow down in house sales at the start of each year.

However, while the first three months of the year are traditionally a quiet time for house sales the 2013 figures show a 20pc drop even compared to the same period last year.

Of loans that were approved, first time buyers and people moving home dominate demand and account for four out of every five mortgages.

#1678 Shotoflight

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Posted 22 May 2013 - 05:27 PM

Central Bank's review shows only limited progress on long-term arrears

http://www.rte.ie/ne...al-bank-review/

Only a quarter of owner occupiers in arrears of three months or more have had their mortgages restructured by lenders, according to the Central Bank.

The Central Bank also found that the vast majority of borrowers given reduced payments were only put on these arrangements on a short term basis.

"Progress on longer-term arrears cases has been relatively limited,'' the Central Bank said in its latest Macro-Financial Review.

The review offers an overview of the current state of the macro-financial environment and an assessment of key risks to financial stability in Ireland.

It shows that less than one fifth of buy-to-let accounts in arrears were classified as restructured.

While 11.9% of mortgages are in arrears of more than 90 days, the value of these home loans is €17.5 billion or 16% of residential mortgage portfolios. Similarly, 27% of buy-to-let loans worth €8.4 billion were over three months in arrears.

"There has been a significant increase in the level of distressed tracker mortgages since 2010 despite the cut in rates on these mortgages to all time lows,'' the Central Bank said.

oday's report also includes a survey of economists, analysts and academics regarding their predictions for the residential property market.

It said the prevailing view held by more than half of respondents is that residential property prices will continue to fall this year. But a majority expected higher prices in the next three years.

#1679 okaycuckoo

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Posted 22 May 2013 - 06:18 PM

Very sad news Namawinelake is no more

https://namawinelake...ewell-from-nwl/

Yeah, I guess it was the defamation letter he got rather than the injunction. So much effort, and that's his reward.

Wonder what his connection with the SF TD is?

#1680 Shotoflight

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Posted 22 May 2013 - 06:24 PM

Central Bank: House prices will fall this year but improve by end 2015

http://www.independe...5-29288234.html

A new report from the Central Bank says house prices will fall this year, but will have increased modestly by the end of 2015.

Prices have already been in free fall for six years.

The Central Bank cares about house prices because they see falling values as one reason for the rise in mortgage arrears.

Now for the first time the bank has surveyed 200 economists, surveyors, stock brokers and estate agents for their view on the property market.

Even the estate agents say prices have further to fall nationally this year. The survey gives no breakdown by region, so it is not clear whether the experts think the Dublin region will escape the latest drops.

The main reasons experts gave for further price falls are difficulty getting mortgages, the potential impact of any increase in repossessions, the scrapping of the mortgage interest relief tax break and the introduction of the property tax.




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