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Irish Banks Fight Day Of Reckoning As Containment Fails

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Irish Banks Seek to Delay `Evil Day' of Reckoning as Mortgage Losses Mount
By Joe Brennan - Mar 11, 2011 12:01 AM GMT.../
Each Monday, Dunne presides over repossession hearings, with one in 10 Irish mortgages now in trouble. At the end of last year, more than 79,000 borrowers were behind on payments or had loan terms altered due to “financial distress,” the country’s central bank said on Feb. 28.
“Things are getting worse and worse,”
said Dunne, as she weighed the case of a couple about 114,000 euros ($158,000) in arrears on a 558,938-euro home loan, one of 74 cases on her list on March 7. “Putting off the evil day is not going to help.”
Irish mortgages account for more than a third of about 270 billion euros of loans that remain with the nation’s so-called viable lenders -- Allied Irish Banks Plc (ALBK), Bank of Ireland Plc, Irish Life & Permanent Plc and EBS Building Society. The country’s new coalition parties are not convinced “that there has been proper transparency or full disclosure by the banks” on home-loan impairments, Alan Shatter told RTE Radio on March 7, two days before his appointment as Minister for Justice..../
House Price Declines
This year’s tests may stress loan books against the unemployment rate rising to 16 percent,
house prices falling
60 percent
from their peak
and “negligible” economic growth, said analysts including Jim Ryan and Michael Cummins of Glas Securities, the Dublin-based fixed-income firm, in a note to clients March 9. The central bank declined to comment.

Financial Crisis Act II seems to have begun.

Where is the flight to safety muchachos? Exciting but deadly days ahead. The Japanese fallout will be a financial earthquake as well as a human tragedy on an unimaginable scale.

Edited by Realistbear

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Where is the flight to safety muchachos?

What's safe? Dollars, Gold, Euros, Stocks? The markets are so cooked now it's hard to make a call.

I'm looking at hard assets with the longer term in mind as I suspect the whole stinking edifice will come crashing down before much longer.

The bankers have had out cake and eaten it, replacing the original with a fake full of cockroaches. Once the cockroaches break free the jig will finally be up.

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Sterling down sharply vs Euro and $. Funny, as it is everyone else in the bad news spotlight today--in fact the UK just had "good news" from the housing market as EA company Academagictrix reported more HPI.

Contrarianism abounds.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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