blindside Posted April 4, 2009 Share Posted April 4, 2009 Irish Government Tough Love Budget: http://www.irishtimes.com/newspaper/frontp...4244012582.html Addressing the Irish Management Institute in Dublin, Mr Cowen also said Irish banks were “in denial” about the level of their problems, when they sought Government support last autumn.“We were told by the banks they could get cash from the private sector, but that wasn’t true. There was a certain sense of denial that was going on.” Mr Lenihan is planning to visit international financial centres such as Paris and Frankfurt in the coming weeks to outline to investors who buy Government bonds of the budgetary measures introduced to address the growing deficit in the public finances. Mr Cowen’s comments will increase pressure on the banks to provide realistic assessments of bad debts on their loan books ahead of the expected transfer of impaired loans to the “bad bank” agency being devised by officials. During the emergency discussions on the night before the State bank guarantee was introduced in September, the two largest banks, Allied Irish Banks and Bank of Ireland, asked the Government for cash injections and lobbied to have Anglo Irish Bank nationalised due to the threat to its survival. It has emerged that the two banks left the overnight negotiations on September 30th believing the Government would nationalise Anglo Irish the following weekend, following the introduction of the bank guarantee Looks like the tax hikes will further increase the cross border shopping traffic. Retailers in Newry will be rubbing their hands together. Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 6, 2009 Share Posted April 6, 2009 longer life expectancy? increased housing demand? http://www.independent.ie/business/irish/l...op-1698883.html seems not! rock on! Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 6, 2009 Share Posted April 6, 2009 sh1t happens! http://www.independent.ie/business/persona...et-1698889.html will it stay south of the border? i suspect not! rock on! Quote Link to comment Share on other sites More sharing options...
leftofcentre Posted April 6, 2009 Share Posted April 6, 2009 http://www.independent.ie/national-news/pr...ce-1699575.html Property crash knocks €63,000 off average asking price Quote Link to comment Share on other sites More sharing options...
Malthus Posted April 7, 2009 Share Posted April 7, 2009 http://news.bbc.co.uk/1/hi/business/7986862.stm The Republic had relied too heavily on the housing sector, which had proved to be a bubble, Mr Lenihan said. But speaking before the Dail, Brian Lenihan said it would be wrong to assume that it was only the collapse in the housing and construction sector which was to blame for the Republic's recession. It had been especially hard hit due to the nature of Ireland's small and open economy, he said. Any future economic recovery would have to be based on a revival in exports. With a high wage economy and strong euro recovery could be a long time coming , unless you are a cigerette smuggler Mr Lenihan said tax on cigarettes would rise by 25 cents Quote Link to comment Share on other sites More sharing options...
bearsrus Posted April 8, 2009 Share Posted April 8, 2009 http://www.independent.ie/national-news/bu...my-1701982.htmlHow many of these property investors invested here I wonder? There was anecdotal evidence of ROI buyers pushing up prices. the green party mentioned today in the dail when questioned about the 90bn euro package for banks that 30bn was invested abroad and 50% of that was on property in northern ireland, so 15bn was funneled into the norths housing pyramid scam which is likely now 10bn at todays values. Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 9, 2009 Share Posted April 9, 2009 Thanks for that - very interesting times. http://www.independent.ie/national-news/bu...nd-1703786.html it would seem the irish government may end up with the kerryvestor wee northern purchases! rock on! Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 9, 2009 Share Posted April 9, 2009 chickens coming home to roost? http://www.independent.ie/business/irish/j...al-1703762.html businees good MD? rock on! Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted April 9, 2009 Share Posted April 9, 2009 (edited) This could have big consequences for the NI housing market if developers are squeezed and start selling off properties esp BTLs. Quote from the last line of the article.... Experts expect the judgment figures to remain high in 2009 as companies and individuals struggle to pay their debts and an increasing number of property deals gone wrong come before the courts. Did I read yesterday that 1/6th of money lent in the south was for property deals in the north? Sorry if that fraction is incorrect. If this is correct then one of the 3 D's is about to have a big effect on driving Northern Ireland house prices lower - DEBT! Edit: found it - here is the quote... Communications Minister Eamon Ryan later revealed that foreign property loans accounted for €30bn of the €90bn loan book, with €15bn in the North and €15bn abroad. Edited April 9, 2009 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
md23040 Posted April 9, 2009 Share Posted April 9, 2009 Did I read yesterday that 1/6th of money lent in the south was for property deals in the north? Sorry if that fraction is incorrect. If this is correct then one of the 3 D's is about to have a big effect on driving Northern Ireland house prices lower - DEBT! Fifty percent of all oversea's property investment was directed towards Northern Ireland and the government will be the new owner of these assets through a toxic bank agency. It will be on the same basis as what was done in Sweden some twenty years previous. Overall it is expected the banks will write down 40% on average (across the whole €90bn) before these are moved off the books. Government intends to sit on these assets (which are mostly commercial) rather than sell and will only sell when market conditions and prices improve. The Swedish government scheme managed to make a profit, and likewise government is expected at least to break even (if not profit). Therefore it will be under severe pressure not to over pay for any of these assets. But it is a chicken and egg story. Since if government markdown too much then the banks could be fatally hit and then government will have to inject more cash, and this is a likely scenario. Instead a more workable idea would be government taking a large preferential stake in each of the banks in order to control both the good and bad assets. But personally the scheme adopted has merit, and the only one open to them with viability of restarting inter bank and customer lending. Losses on Northern Ireland assets bought in 2005/06 are likely to be worse since not only have values decreased but f/x works against it too. But Dubai, Bulgaria etc are bigger headaches. Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 9, 2009 Share Posted April 9, 2009 Fifty percent of all oversea's property investment was directed towards Northern Ireland and the government will be the new owner of these assets through a toxic bank agency. It will be on the same basis as what was done in Sweden some twenty years previous. Overall it is expected the banks will write down 40% on average (across the whole €90bn) before these are moved off the books. Government intends to sit on these assets (which are mostly commercial) rather than sell and will only sell when market conditions and prices improve. The Swedish government scheme managed to make a profit, and likewise government is expected at least to break even (if not profit). Therefore it will be under severe pressure not to over pay for any of these assets.But it is a chicken and egg story. Since if government markdown too much then the banks could be fatally hit and then government will have to inject more cash, and this is a likely scenario. Instead a more workable idea would be government taking a large preferential stake in each of the banks in order to control both the good and bad assets. But personally the scheme adopted has merit, and the only one open to them with viability of restarting inter bank and customer lending. Losses on Northern Ireland assets bought in 2005/06 are likely to be worse since not only have values decreased but f/x works against it too. But Dubai, Bulgaria etc are bigger headaches. it would seem the irish gov and the PMS will have a lot in common sitting on a pile of sh1t waiting for things to improve! no doubt there will be plenty more besides! but when will things improve? and can they wait that long? interesting times! rock on! Quote Link to comment Share on other sites More sharing options...
yadayada Posted April 9, 2009 Share Posted April 9, 2009 (edited) 15bn was funneled into the norths housing pyramid scam which is likely now 10bn at todays values. Not quite. This takes account of the euro's value changing from 65 pence to 94 pence - but ignores the property crash. Be careful what you wish for etc. - you want a united Ireland for years, then you end up as the unhappy owner of chunks of Northern Ireland. Edited April 9, 2009 by yadayada Quote Link to comment Share on other sites More sharing options...
nemesis Posted April 15, 2009 Share Posted April 15, 2009 even mcsavvys can get caught out.http://www.timesonline.co.uk/tol/news/worl...et=0&page=1 These are indeed interesting times! This reminds me of Warren Buffett's famous quote about the naked swimmers and the tide. Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 25, 2009 Share Posted April 25, 2009 its back to the future then irish house prices back to 04! http://www.independent.ie/business/persona...rs-1719359.html rock on! Quote Link to comment Share on other sites More sharing options...
Vespasian Posted April 26, 2009 Share Posted April 26, 2009 its back to the future thenirish house prices back to 04! http://www.independent.ie/business/persona...rs-1719359.html rock on! The stupid thing is that 15 years ago, that 15bn euro worth of land would only have been worth about 2.5bn Quote Link to comment Share on other sites More sharing options...
Malthus Posted April 27, 2009 Share Posted April 27, 2009 http://www.irishtimes.com/newspaper/breaki.../breaking68.htm The impact of income levies and additional taxes is so extreme on trainee gardaí they have less disposal income than people on the dole and are falling into serious debt, the Garda Representative Association (GRA) has said. time for a few on the spot cash fines ? Quote Link to comment Share on other sites More sharing options...
woodzer Posted April 28, 2009 Share Posted April 28, 2009 Hard times ahead for stab city... http://www.spiegel.de/international/busine...,621002,00.html Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 28, 2009 Share Posted April 28, 2009 Hard times ahead for stab city...http://www.spiegel.de/international/busine...,621002,00.html i see they have their share of "Millies"! rock on! Quote Link to comment Share on other sites More sharing options...
Malthus Posted April 28, 2009 Share Posted April 28, 2009 http://www.irishtimes.com/newspaper/breaki.../breaking29.htm Mr Fingleton, who steps down as chief executive at the end of the month after 37 years, was paid a total of €2.4 million last year, compared with €2.3 million in 2007. The €2.4 million figure includes a €1 million bonus which Mr Fingleton has agreed to repay. A large pay cut , however i'm confident i could have bankrupted Irish Nationwide for a lot less the whole idea that bankers should earn such huge sums to attract the best talent is imo nonsense , if you adverised a bank CEO job for £100k you would have a queue of people who could do just as good if not a better job Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted April 29, 2009 Share Posted April 29, 2009 depression in all but name! http://www.independent.ie/national-news/we...ns-1722550.html rock on Quote Link to comment Share on other sites More sharing options...
bearsrus Posted April 29, 2009 Share Posted April 29, 2009 http://www.rte.ie/news/2009/0429/economy.html 13,000 more join the dole last month,and predictions for it to rise to 17% of the working population. Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted May 3, 2009 Share Posted May 3, 2009 Go wherever glory awaits thee! win gold and wear it! http://www.independent.ie/opinion/analysis...ss-1727256.html it aint easy being the scapegoat! rock on! Quote Link to comment Share on other sites More sharing options...
Malthus Posted May 5, 2009 Share Posted May 5, 2009 (edited) http://www.irishtimes.com/newspaper/breaki.../breaking65.htm The exchequer deficit widened to €7.3 billion in April after another poor month for tax revenues, according to figures published this afternoon by the Department of Finance. Tax revenues collected in the first four months of 2009 came in almost 24 per cent lower on the same period last year and total spending increased 3 per cent. at any price who would buy the ROI's bonds? edit : just a thought , how long until Ethiopia considers holding a relief concert to help the property speculators in the ROI ? Edited May 5, 2009 by Malthus Quote Link to comment Share on other sites More sharing options...
polythene pam Posted May 5, 2009 Share Posted May 5, 2009 http://www.irishtimes.com/newspaper/breaki.../breaking65.htmat any price who would buy the ROI's bonds? edit : just a thought , how long until Ethiopia considers holding a relief concert to help the property speculators in the ROI ? The EU could buy up excess property developers to deal with the oversupply, perhaps creating a 'developer mountain' similar to those for butter and milk? Quote Link to comment Share on other sites More sharing options...
Rock-n-Roll Posted May 6, 2009 Share Posted May 6, 2009 The EU could buy up excess property developers to deal with the oversupply, perhaps creating a 'developer mountain' similar to those for butter and milk? and house them in ever cheaper rented homes! http://www.independent.ie/business/persona...ge-1730021.html rock on! Quote Link to comment Share on other sites More sharing options...
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