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gruffydd

Emergency Talks Called - Fears Of House Price Wipeout In Ireland - Flood Of Properties To Hit The Market

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Interesting - I suspect this will have a major impact in Britain as well...

http://news.bbc.co.uk/1/hi/northern_ireland/8137132.stm

Property prices will nose-dive in NI if the Irish Republic's new toxic assets agency dumps developments on the market, Stormont ministers have warned.

Finance ministers from both sides of the border are to hold emergency talks over fears the north could be swamped with repossessed homes and offices.

The issue was raised at a North-South Ministerial Council meeting in Dublin.

An agency has been set up in Dublin to recoup debt run up by banks on property bought in NI and in the Republic.

The National Assets Management Agency (NAMA) will attempt to recover nationalised bank losses for the Irish government through the selling-off of developments that collapsed during the property crash.

Taoiseach Brian Cowen said there were concerns about the number of Northern Ireland properties which will be taken over by NAMA.

"Obviously some of these assets are located in the Republic, in Northern Ireland and other jurisdictions as well," Mr Cowen said.

Edited by gruffydd

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Interesting - I suspect this will have a major impact in Britain as well...

http://news.bbc.co.uk/1/hi/northern_ireland/8137132.stm

Property prices will nose-dive in NI if the Irish Republic's new toxic assets agency dumps developments on the market, Stormont ministers have warned.

Finance ministers from both sides of the border are to hold emergency talks over fears the north could be swamped with repossessed homes and offices.

The issue was raised at a North-South Ministerial Council meeting in Dublin.

An agency has been set up in Dublin to recoup debt run up by banks on property bought in NI and in the Republic.

The National Assets Management Agency (NAMA) will attempt to recover nationalised bank losses for the Irish government through the selling-off of developments that collapsed during the property crash.

Taoiseach Brian Cowen said there were concerns about the number of Northern Ireland properties which will be taken over by NAMA.

"Obviously some of these assets are located in the Republic, in Northern Ireland and other jurisdictions as well," Mr Cowen said.

Can someone please tell them about the pent-up demand ?

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It is estimated that Irish banks hold anything between 60bn and 90bn euros of so-called toxic assets, the money loaned to property developers and others which might never be repaid.

Around 30bn euros worth are thought to be outside the Republic and as many as 15bn to 20bn euros worth of bad property-related debts are thought to be in Northern Ireland.

Yikes!

Nationwide index for Northern Ireland is down around 40% at the moment as it is!

We could see the mother of all crashes over there!

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Can someone please tell them about the pent-up demand ?

:lol:

Also, don't worry "Real" house prices only go up (as long as there's a glocal depression around).

See Ray Boulger in the Telegraph today.

And despair.

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what has it got to do with us? we sold them the houses, they can sell them on again if they wish.

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Guest KingCharles1st
Yikes!

Nationwide index for Northern Ireland is down around 40% at the moment as it is!

We could see the mother of all crashes over there!

Is there much Public Sector PFI in the Northern Ireland housing market?

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Irish banks lent heavily to Irish (and other) speculators everywhere. God knows how much of Liverpool and the like was bought up with this hot money.

If they are quick they can steal a march on all the UK government owned banks and get some good prices that are well beyond any short/medium/long term value.

Being first to the exit during this fake bounce should save a lot of losses in the long run.

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and just think - what can the uk govt do other than try to bully the Irish not to go ahead..oh, wait a minute...

(and then what would that do to the value of the pound!)

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And there was me thinking its a public service to use taxpayers money to keep thousands of homes lying empty...

Aye, on the one hand we are told due to 'supply and demand' that the UK is forever embedded in HPI, then we are told that there is not enough housing stock to house families in need of housing and THEN that banks and governments are using our money to keep homes empty just because the consequences of doing otherwise would be to see a few banks go under.

Do we need any more proof that the world has gone mad?

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Do we need any more proof that the world has gone mad?

did you really mean to ask that question?

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Guest KingCharles1st

I am starting to sense that our British Chancellor was in effect operating an awful lot of Government sponsored "Hedge Funds" via PFI backed property developments through local government. Not surprisingly he doesn't want the bubble to burst..

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Clearly the siren should be turned off so as not to alarm the passengers.

we expect to resume stable growth albeit at the bottom of the sea

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% of total workers

Northern Ireland

31.52% Public Sector employment, 76,170

http://www.detini.gov.uk/cgi-bin/get_build...p;prevpage=4719

UK including Northern Ireland and Nationalised banks

19.7% Public Sector employment, 5,783,000

The figures are too large to have N.I. make any difference.

http://www.statistics.gov.uk/elmr/06_09/2.asp

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Being first to the exit during this fake bounce should save a lot of losses in the long run.

Absolutely. The write-downs would become total write-offs if one rogue bank decided to start collecting. Then we'd have a glut of affordable housing, the consumer economy would pick up and only the banks would lose out. Can't let that happen.

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Absolutely. The write-downs would become total write-offs if one rogue bank decided to start collecting. Then we'd have a glut of affordable housing, the consumer economy would pick up and only the banks would lose out. Can't let that happen.

Banking without borders = banking without any local responsibility.

Who gives a ****** if you are the first to break ranks and steal a march on all the others and benefit from it?

One of the great issues with globalisation and the use of foreign staff too - would they give a shit if their own actions brought down a bank / country, probably not, they could simply bugger off home and live a rich life off the significant income earned in the interim period, no repercussions whatsoever.

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As Sir Fred said if your going to panic, panic first.

It looks like the Irish have decided to panic.

Things could be about to get interesting if they go through with this. What's the betting some deal is made between the 2 govts over this?

Probably will be a non-event although I would say any deal is likely to make the long term financial position even worse.

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