:rolleyes:[quote=“KIB man”]:D, best one liner on here for a while.[/quote]
:rolleyes:
this reminded me of a quote from linehan on budget day, can’t be certain but i think he said they had raked in 67million on second home taxes in first year at 200euro a home thats about 335,000 second/investment homes.
[quote=“farmerinthecity”]A 100% mortgage though Larry?
It’s incredibly risky.[/quote]
But that was the nature of it. Take for example workers in jobs like teaching and gardai who in any other time would easily have been able to afford a house yet they were struggling to buy a decent house in boom years. Now many bought at top of market and are up to their neck in negative equity, have had their pay slashed considerably. Buying a semi decent house wasn’t greed. The behaviour of the banks was. Ultimately though blame lies squarely with the government but sure all who criticised or shouted stop should have ‘committed suicide’. Social costs are simply enmormous. Previously valued professions are being downgraded, gap between rich and poor will continue to grow, whole new segment of those who are impovrished has been created, education and health will slip back further after not improving considerably during Celtic Tiger. Whole thing is rotten to the core.
I don’t have much sympathy* for home owners in general either. My beef is with the regulator who allowed the banks to lend beyond sensible ratios. I am old enough to remember when banks strictly lent a fella two and a half times his annual salary only.
*Some hardworking misfortune commuting to Dublin with a few kids, a house in Longford deep in negative equity that’s just been flooded in the last month would get some sympathy from me.
i suppose as your on the front line you will see the affect of the cutbacks this crisis has caused & therefore your opinion carries more weight than the likes of KIB man who sees this as a cracking economic debate rather than something affecting real people
i suppose as your on the front line you will see the affect of the cutbacks this crisis has caused & therefore your opinion carries more weight than the likes of KIB man who sees this as a cracking economic debate rather than something affecting real people[/quote]
:mad:
You and your buddies caused this mess.
You and your buddies caused this mess.[/quote]
the regulators , i.e the civil servants are to blame:mad::mad: ill hold my hands up on that one mate
I blame Jugs and Fats for their dreadful advice at the start of this thread, Ireland looks to TFK for moral guidance and Ireland collapsed as a result. Shame on them.
A bloke from AAAAAAAAAAAAAAAAAAAAAArdee on the Frontline here.
Gas accent.
i suppose as your on the front line you will see the affect of the cutbacks this crisis has caused & therefore your opinion carries more weight than the likes of KIB man who sees this as a cracking economic debate rather than something affecting real people[/quote]
What you on about? I have to leave this country as will the majority of graduates, tradespeople etc of which the country has invested more in than any other in the history of the State. Thankfully Im not in huge debt or have a kid but many are. Get real FFS than fucking budget was a disgrace. Absolutely zero vision, innovation or hope for the future. Lessons of the bust learned? Like fuck it has.
They should have interviewed you for that program. Yourself and Morgan Kelly (I think) were the only ones that saw it coming.
Everybody saw it coming, they just wore rose tinted glasses and hoped it wouldn’t hit them.
People were in a dreadful state of denial in this country. I remember a canteen of workmates back in 2005 laughing their heads off at me because I challenged a co-worker when he said “sure they’ve [a young twentysomething couple] no excuse now, sure Permanment TSB are offering 100% mortgages just up the road!!”
AIB is tight-lipped on possible billion-dollar losses in the US
ALLIED Irish Banks declined to say yesterday how much it stands to lose on two loans in the US where borrowers ran into problems this week. One loan helped finance the $5.4bn (€3.7bn) acquisition of the biggest apartment block in New York, while the other loan helped finance a fourth-generation chain of 13 daily newspapers and 60 weekly newspapers and magazines.
AIB is one of three banks which lent $1.5bn to one of America’s biggest property developers to buy a historic 80-acre apartment complex. AIB and the other two banks have now sent a formal letter to developers Tishman Speyer and BlackRock warning that failing to pay could lead the debtholders to launch a foreclosure action and possible seizure of the original $3bn mortgage the two firms took against the property.
AIB’s wrote to the developer after Tishman Speyer and BlackRock missed a $16.1m payment due last Friday. A foreclosure would be the second-largest default of a US commercial mortgage-backed security and leave AIB part-owning Manhattan’s largest residential enclave which is home to around 25,000 people.
Evict
Tishman Speyer and BlackRock bought the 11,200-unit property in 2006 with plans to raise rents, evict illegal occupants and build a gym and new gardens.
Problems came to a head last October when New York’s highest court ruled the developers could not raise rents despite the improvements.
Tishman Speyer has invested tens of billions of dollars on property around the US and has been the biggest US commercial real estate buyer after venture capital group Blackstone since 2001, according to the New York research firm Real Capital Analytics.
Standard & Poor’s last month withdrew its credit rating on a group of Washington-area properties with debt payments that Tishman and its partners have been trying to restructure.
AIB also declined to say yesterday how much it stands to lose after a US-based chain of 13 daily newspapers and 60 weekly newspapers and magazines, the Augusta-based Morris Publishing, filed for bankruptcy protection after agreeing a plan with creditors to plan to slash the publisher’s $415m debt by more than two thirds.
- Thomas Molloy
Irish Independent
Could you give us some specifics here please KIB? Wouldn’t mind some pointers.
Cheers.
[quote=“briantinnion”]Could you give us some specifics here please KIB? Wouldn’t mind some pointers.
Cheers.[/QUOTE]
We’ve been through this on the NAMA thread, Tinnion. Your profession is a joke.
I heard on the grapevine that the BOI staff pension fund is in serious bother…
There was something in the paper about it last week. Staff were getting some briefing about it this week. Probably looking to them to make contributions no doubt.
My sources tell me the staff briefing didn’t really give them any information on what was happening, just that it was under review.
Apparently 6 years ago the pension fund made up 4% of the banks total capital, it now makes up 110% of the banks total capital. (capital may be the wrong word!)
Well I know AIB are rumoured to be asking for contributions from Staff for their pensions.
Cheek of’em
[quote=“Mairegangaire”]Well I know AIB are rumoured to be asking for contributions from Staff for their pensions.
Cheek of’em[/QUOTE]
Hows that yeast infection mate?:rolleyes: