I thought the very same. The fact that they are willing to give 5 acres of land to the bank means they must have a fair holding
Itās not a very attractive house, red brick split level that has a motorway right in front of it. Itās a good 3k from dunshaughlin. Heās not a gardener either, the state of itā¦
That home was built over 25 years ago and they still owe a shedload of money to Tanager. Iād be confident in speculating that the house was remortgaged several times over the course of its lifetime to fund other investments. Maybe Auntie Joanās American friends can bail Theresa and Frank outā¦
ā¬2.7m in debt gone just like that. Viola
Parallels to the Quinnās, when is enough enough.
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Frank ran unsuccessfully for the Dail and this has contributed to their financial problems.
And I went on the beer last weekend and it contributed to my financial problems. Oh Mr Bank Man can you write off some of my mortgage?
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Sean Quinn is a philanthropist mate.
Meh, Frank is a pianist
He should hand back the keys
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Frank needs to compose himself
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The couple really need to keep their family home. Where in the world else could they go?
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Things I learned 10 minutes ago: The Southfork lookalike house on the road to Dunshaughlin that was used in Eat The Peach has been demolished to make way for a pharmaceutical plant
Poor vulture funds stung again.
Where in the world would you be going, racking up that kind of debt?
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They should come up with a list of where they want to go if their house is taken.
I have a feeling it would read as follows:
Asia 1
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This will be a major not a minor inconvenience
I think it does impact tax payers though. These vulture funds pay very little tax on the huge profits they make on loans they bought at knockdown prices.
They will be paying even less tax if they have to write off a couple of million of debt.
In the D4 B&B case it looks like the loan was bought at something like 33c per ā¬1 owed. Why were foreign financial institutions given this discount but not domestic borrowers? Wealth is being moved out of the country and theyāre not even being taxed. As galling as it may seem Ireland is better off if Irish people are given state aid rather than wealthy foreign investment funds.
The heroic Michael Noonan presided over that of course.
The problem as far as I could see it was that the Troika/Irish Government wanted cash as soon as possible. That created a firesale of assets off NAMAās books way below their market value. To facilitate an even speedier sale of these assets, vulture funds were incentivised to entire the Irish market quickly through tax breaks.
So basically vulture funds/large foreign investor benefited doubly with the purchase of land/buildings/debts for next to nothing and paying fuck all tax on their profits.
While Ireland Inc exited the bail out and everyone was happy.
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Some achievement from Noonan et al to have a situation where Ireland is better off if Irish people default rather than pay down their loans. If they default and get a write down they will still spend their money in Ireland as opposed to paying the loan down fully and the money leaves the country without being taxed.