Jump to content
House Price Crash Forum


  • Posts

  • Joined

  • Last visited

Everything posted by Rock-n-Roll

  1. dont worry new wave of developers coming! http://www.independent.ie/business/irish/debtors-flee-irish-bankruptcy-laws-1914087.html rock on!
  2. another 90 mill gone ! http://news.bbc.co.uk/1/hi/northern_ireland/8304442.stm rock on!
  3. must be quite a lot of us with them cattle dealing jeans in us even the boss! http://www.independent.ie/entertainment/books/springsteen-is-a-mullingar-man-1911434.html anybody see ruin air on the beeb last night ? michael was in classic form feck sure we were all http://www.youtube.com/watch?v=8rGFfO5fUvE rock on!!!!!!!!
  4. good for a laugh !! http://www.independent.ie/opinion/columnists/kevin-myers/we-should-forcefeed-greens-their-bikes-until-they-choke-1911428.html rock on!
  5. upward pressure not! http://www.independent.ie/business/personal-finance/property-mortgages/esri-predicts-35000-will-be-unable-to-pay-mortgage-1904957.html rock on!
  6. just thought it might be interesting to start a thread detailing the petty and some not so petty cuts coming our way rather than cutting the bureaucracy and and pedlars of such of course we have a major this morning locally http://news.bbc.co.uk/1/hi/northern_ireland/8291842.stm but this could be a messy southern one! http://www.independent.ie/education/latest-news/cashstrapped-school-asks-pupils-to-bring-own-toilet-rolls-1904955.html rock on!
  7. more from norman greer of the newsletter on the economic woes! Do figures all add up? Published Date: 23 September 2009 By NR GREER FOLLOWING the announcement of the latest Northern Ireland unemployment figures, Economy Minister Arlene Foster was quick to reassure us that the "Northern Ireland unemployment rate compares favourably to the UK and European Union averages'', before skipping town for a trade mission to India. Her comments were made in a DETI press release regarding the local unemployment rate; it was a highly spun piece of work that dripped of the myopic complacency that characterises the NI Executive's approach to the economy. While the DETI statement announced that some 51,000 people are unemployed, they failed to mention the findings of their own Labour Force Survey (LFS) which reveals that there are nearly four times that number, 210, 600 people of working age, economically inactive and dependent on benefits of one kind or another. In the first paragraph of the DETI press release we are told: "However, the Northern Ireland unemployment rate remained below the UK average rate (7.8%) and was fourth lowest of the UK regions." So it sounds as though things are not so bad after all, unless, that it is, you read the LFS which states: "The seasonally adjusted economic inactivity rate for all working age persons in NI (29.5%) …remains the highest of all the UK regions (the UK average rate is 21.0%)." By paragraph two the press release spin is: "However, this monthly increase was the equal smallest increase in the last eleven months (Talk about scraping the bottom of the barrel for a positive sounding statistic!)." For a more straightforward view of things I recommend the Office of National Statistics, which recently stated: "Over the year, Northern Ireland had the largest increase in the workless household rate." (One in five households here is workless.) While DETI's highly paid spin doctors point out that that is an estimated 745,000 people in employment, they neglect to mention that the workforce is required to support the 210,600 people who are living off benefits. And that is before you count in old age pensioners. Why can't DETI and the Executive not just be honest with us regarding the true scale of the task ahead? Now, usually what happens when someone challenges local politicians on the truth regarding the economy is nothing. They may look at their shoes for a few seconds and then talk about the weather or have a row about the name of a city. Hopefully that will change with the arrival of a new political kid on the block in the form of the Centre for Social Justice, a Conservative Party linked think tank that has just set up shop in the Province. The Centre for Social Justice has already performed a valuable role on the mainland in exposing the true scale of welfare dependency and its soul-destroying consequences, and in framing the developing initiatives and policies to address the problem. Undoubtedly the local branch of the Centre for Social Justice, led by former Alliance rising star Ian Parsley, turned Tory truth-sayer, is going to ruffle feathers amongst our political and quango elites who have for too long been able to carve our a comfortable existence for themselves based on the premise of doing nothing. It should be fun to watch what happens. rock on!
  8. i thought i wae the only aul headbanger seems like i have competition! http://www.independent.ie/business/irish/m...8.html?start=10 rock on!
  9. you are working too hard !!! life is toooo short! http://www.youtube.com/watch?v=d0hKdGaUmN0 chill!
  10. just a crazy obsevation from an old heidbanger 200 years ago well maybe 250 an ounce of gold would not have bought you an ounce of tea! how things change it maybe cheap but i aint drinking it tonite! rock on!
  11. how about the BTL king who reckons land lords will be slaughtered by the coming increases in interest rate! Wilson to sell 700 properties Saturday, September 26, 2009 London: Fergus Wilson, the former mathematics teacher dubbed Britain’s buy-to-let "king," says he’s selling 700 rental properties before interest rate rises bring "slaughter" to landlords in Britain’s housing market. Wilson, who together with his wife Judith rank among the 1,000 wealthiest Britons according to this year’s Sunday Times Rich List, said it was inevitable that interest rates would rise from a historic low, pummelling rental landlords. "You’ve got a lot of people who have taken out a mortgage and are right up to their throats" in debt, said Wilson as he settled into a black armchair at a hotel in Maidstone, south- eastern England. "As soon as rates go up, they’re going to be slaughtered." Rates are forecast to rise, hurting buy-to-let landlords in particular because they pay more than other mortgage borrowers. This story appeared in the printed version of the Irish Examiner Saturday, September 26, 2009 Read more: http://www.irishexaminer.com/business/wils...l#ixzz0SL9UjJB9 bejasus he might even be http://www.youtube.com/watch?v=tXaZmY52gHM rock on!
  12. Oleary reckons the south will soon be run by the IMF and there will be 500 0000 jobless by xmas PUBLIC sector workers should brace themselves for pay cuts imposed by the International Monetary Fund (IMF), according to Ryanair Chief Executive Michael O'Leary. He warned that the ongoing failure of Taoiseach Brian Cowen and the Government to tackle the spiralling cost of the public service wage bill could see the IMF take charge of the Irish economy "very shortly". Asked if he had any confidence that the forthcoming Budget would address the 25 per cent differential between wages in the public and private sectors identified in a report published by the ESRI last week, Mr O'Leary made it clear that he did not. "It's all talk about action, but no action. The McCarthy report is now nearly three months old, and what have they done about it? Nothing," he said. "I think public sector workers will want to seriously be concerned that the IMF might come in here very shortly like they went into Latvia and cut public sector wages by 30 per cent. These are the hard measures that are going to have to be taken when you have a €20bn deficit with €60bn spending and less than €40bn in tax revenues." Repeating his call for a Yes vote in this Friday's Lisbon referendum, the Ryanair chief appealed to Government politicians to "shut up and stay out of it" -- claiming they have "absolutely zero credibility" with the public at present. "I think if we vote No, this will be the end of it. Europe has already bent over backwards to give us back our commissioner and put legal protections there on taxation. I don't think they'll do it [let us vote] again," he said. Mr O'Leary warned that Ryanair could decide to pull its headquarters out of Ireland if the country votes No. "If Ireland votes No, I can see a time in the future when it is sensible and practical for Ryanair to move its headquarters out of Ireland and put them somewhere you would have a lot of political support, and be at the heart of Europe. "Whether we vote Yes or No will have no effect on Ryanair but it will have an enormous effect on Irish jobs; for good if we vote Yes and for bad if we vote No. I doubt there would be any immediate implications, but I think over the next two to three years, the cost of Irish Government borrowing would rise and Europe would not be as helpful to the Irish economy as it has been in the past; and I think the amount of inward investment into Ireland would seriously dry up." Mr O'Leary predicted that there will be 500,000 people unemployed in Ireland by the end of this year. "The fastest way of getting some of those people back to work is to vote Yes and encourage Europe to continue to bail out our economy. Woe betide us if it's left to our bloody politicians and our even more incompetent civil servants". - RONALD QUINLAN rock on!
  13. will them fecking patriotic not shoppers bring it down? just how much are them retail temples really worth ? not nearly as much as Nama will pay! Retail rental market now close to collapse Fees slashed but shops still struggle and many have closed By John Drennan Sunday September 27 2009 The Government's failure to sign into law new legislation banning upward-only rent review of commercial property is now "recklessly endangering thousands of retail jobs''. The stark findings of a "strictly confidential report'' by Retail Excellence Ireland on the state of the Irish commercial property market reveals that the rental market for commercial property is in freefall. The report claims the situation for retail outlets is now so bad that in 60 per cent of Ireland's major shopping centres landlords are voluntarily reducing rents by up to half. When it comes to those shopping centres that are refusing to reduce their rents, an increasing volume of litigation is occurring between landlords and their desperate tenants. However, retailers are now in so much trouble many landlords are agreeing to under- the-counter reductions. The survey claims that landlords of certain centres are described as being "very pragmatic about the need to reduce rents by between 30 per cent to 50 per cent". In Limerick's Castletroy Centre, for example, it has been claimed that landlords are offering 50 per cent reductions to tenants who continue to pay their rent arrears. In other shopping centres there have been "no formal rent reductions, but many tenants have reduced rent payments and these have been accepted by the landlords''. The situation is now so bad that even in retail centres which have unofficially reduced their rents, more than 30 per cent of the tenants are actively negotiating the termination of their leases Labour Party TD Ciaran Lynch, who has tabled a Private Members Bill calling for an end to the current law on the topic, said that unless something was done jobs would be lost and some shopping centres could become derelict. David Fitzsimons, CEO of Retail Excellence, said "there is a real and escalating crisis in the retail sector which is now at the frontline of Ireland's economic catastrophe''. The survey provides the first national picture of the utter state of despair within the retail industry. Across the 58 shopping centres that were covered the mood was only positive within one shopping centre in Waterford and the high-profile Dundrum Town Centre in affluent outh Dublin. In central Dublin's stylish IFSC centre the number of shoppers is described as "non-existent'' whilst over in the Nutgrove Shopping Centre in Rathfarnham, in spite of claims that tenants have been offered 25 per cent discounts, tenants have claimed they are "at their wits' end'' and many suggest that "no level of rent reductions will justify continuing opening". Meanwhile, in the St Stephen's Green Centre, where no rent reductions have been offered, tenants are believed to be actively considering "a rent strike'' unless landlords get "their heads out of the sand''. In the once-famous Tallaght Square in Dublin, where it is claimed "large parts of the scheme are boarded up'', the report says "the standard objective of most tenants is not to reduce rent but to get out ASAP''. Even in Liffey Valley, which describes itself as being "recession-proof'', the survey says trading performances have "suffered further erosion''. The situation as described in the survey is no better throughout the rest of the country. Within Cork City traders now claim reductions of between 20 per cent and 25 per cent are "simply not enough'' and trading conditions have deteriorated so significantly only Nama can rescue some developments. In Limerick, where "tenants are suffering intensively'', it has been claimed that reductions of 50 per cent are now common. The situation is equally bad in Galway where traders claim the market has "vigorously declined'' while despairing shop owners in Tuam have said "abject conditions continue with matters getting worse every week". This view is also common in Waterford while the impact of cross-border shopping in Louth has led to claims that "trading here can best be described as being woeful''. Similar conditions throughout the country mean that in counties such as Meath, Westmeath, Clare and Sligo, in spite of rent reductions of between 25 per cent and 50 per cent, shopping centres are continuing to "shed tenants". Speaking to the Sunday Independent Deputy Lynch said such a collapse in rents had "real implications for the credibility of the Government's Nama banking scheme''. He noted that "one of the central planks of the valuation of the banks' property portfolio is that the commercial property market is still strong''. However, he noted that these figures "give the lie to the minister's claim that prices are still holding''. "Minister Lenihan has left himself desperately open to the fact that he is dangerously ignorant about the real state of the Irish property market.'' The minister said that "the most recent data has been factored into Nama''. This claim was disputed, however, by David Fitzsimons of Retail Excellence. He said that the current rents were "simply untenable'' and that "in effect, following on from the property bubble, a rent bubble now exists in the Irish market''. - John Drennan rock on!
  14. is N Greer of the newsletter a closet HPCer Don't bank on bad times being Published Date: 16 September 2009 By NR GREER THEY are an optimistic bunch round in Ulster Bank HQ. Despite languishing in public ownership, they are gamely looking upwards and forwards. Their new bosses in Whitehall must be very pleased with the bank's "early end of recession" message, which was recently exposed in leaked documents to be a key line in the Labour party's attempt to hold on to power. A Number 10 spin-doctor has decreed: "As an economic recovery begins, the Government's approach will be seen to have stopped recession turning into depression." In fairness, the Ulster Bank is not the only organisation singing the song of good cheer, but I fear they are all singing off the wrong song sheet. The recession will end one day, but it is still too soon to be singing Happy Days Are Here again. Things are looking better at the moment because the economy is spiked with a heady cocktail of printed money, massive public borrowing, car scrappage schemes and so forth. These unsustainable and irresponsible economic stimulants will probably continue to be injected up until the day the polling booths open. I hope the election comes soon because the longer we keep taking this stuff, the harder the come down will be when we have to stop. Car sales are up. Good news surely? No, not if people are buying Korean tin boxes with a government subsidy of £1,000 that has had to be borrowed and that taxpayers are going to have to pay back – with interest. But it generates happy headlines that distract attention from the fact that the underlying economic structure is still critical and that public services are too expensive and long overdue radical reform. Sadly, for every positive sounding report that makes a headline, there is still a negative one that does not. For instance while every claim by an estate agent that house prices are on the up is greeted like news of the second coming, this week's report by top bean-counters Ernst & Young that house prices are likely to nosedive again gets brushed under the carpet? Many economists have predicted that we are in for a "double dip" recession and then a slow recovery, and that the current upswing is temporary at best, and a smoke and mirrors trick at worst. We all know that unemployment is growing, businesses are closing and that printing money will inevitably lead to inflation, interest rate hikes and a devalued currency, that some day all the money will have to be paid back and that will mean taxes and painful cuts in public sector expenditure. In all likelihood we are now going though a mid-recession bounce, enjoy it if you can, but please, think long and hard before betting the farm on it lasting a day longer than the next election. Bad banking It seems when push comes to shove, notions of cross-border co-operation quickly go out the window and the patronising lectures on the merits of an “all-island economy†are quietly put back on to the shelf. The latest example of this phenomenon is the Republic’s National Asset Management Agency (NAMA), a so called “bad bank†that will nationalise the toxic investments and dodgy debt currently on the books of Ireland’s banks, so that they can get back to business as usual as soon as possible. This will leave the Dublin government holding a foul smelling parcel which includes a very large amount of property in Northern Ireland which was built or bought with loans made by Irish banks. The value of this property has now collapsed and many developers cannot meet their loan repayments. Should NAMA decide to get rid of this junk real estate by dumping it all on the market, the effect on the Northern Ireland economy could be catastrophic. So you might be forgiven for thinking that NAMA is just the sort of set-up that needs, to use an oft repeated phrase, “a cross-border dimensionâ€. The Irish government sees things differently and has rebuffed the tender advances of Stormont Finance Minister Sammy Wilson. Sammy is on a promise, but the relationship remains without the benefit of clergy. The Irish department of finance has said it will not be dumping the toxic property but has also confirmed that they did not envisage the NI Executive taking a formal role in the running of NAMA. In all probability the Dublin government is speaking in good faith, but if there is a lesson we should all have learnt, it is that the best of intentions can quickly be cast aside when harsh economic reality starts to bite. http://www.newsletter.co.uk/columnists/Don...imes.5649144.jp rock on!
  15. hey PP are pigs testicles not good bear food? of course the real deal are prarie oysters! rock on!
  16. over 36% if my maths are correct are either unemployed or economically inactive! all fine and dandy then for them greenshoots sustainability? http://news.bbc.co.uk/1/hi/northern_ireland/8258503.stm rock on!
  17. as i understand it NAMA will only take on loans > 5 mill when the banks get their sh1t loans moved onto NAMAS book at no doubt a very fair price will the banks sit on their dodgy < 5 mill loans or will they want to turn them to cash pronto? will they become takeover targets? reports of some canadians sniffing interesting times? rock on!
  18. the big differance between the 30s and now in the 30s without speedy intervention the big american banks survived likewise as far as i know no UK banks at all went bust this time if we had not had the speedy intervention with billon upon billons being threw at the banks the sheeple would have awoke one monday morning to discover them magic plastic cards were merely plastic! how fecked are we? rock on!
  19. Eas using boiler room tactics! surely not VI Caveat emptor rock on!
  20. just wondering who offered the financial advice? rock on!
  21. the indy reckons Families face €4,000 increase in tax bills Radical plan urges €3bn in new levies http://www.independent.ie/national-news/fa...ls-1880547.html good news for house prices? rock on!
  22. ah now if it had just been down the rd a steal guess a few more auctions to wait then at the height of the madness just wonder at what price some EA might been advising the punters "This is a good buy" 5 - 600k! many thanks again Paul for the sterling work with the spreadsheets rock on!
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.