In all fairness - how have heads not rolled in the Department of Finance over what they done to us?
It was all perfectly legal and above board.
:rolleyes:
ILP, ACC, Ulster, NIB not part of NAMA - there are probably others too -
ACC were trying to liquidate Liam Carroll’s empire not so long ago not sure what happened there, NIB liquidated the apartment complex in Mullingar for the 70k apartments, Ulster Bank liquidated the 40k donegal apartments, - so it appears you are talking through your hole again.
Id expect a lot more property to be liquidated in the near future. NAMA cant continue to hold onto shit housing and commercial stock.
Still yeah good property will be worth it. Always bound to be demand for rental property in Dublin city centre or along decent public transport routes, Cork I’m guessing but it does have a lot of established industry and Galway.
They may aswell start knocking the bits in the middle though.
What’s Seanie Dunne at these days? Haven’t heard sight nor sound of him since he was last seen picking a copper off the floor of Doheny & Nesbitt’s in the company of a New York Times journalist.
Turfcutter, not sure about the biscuit tin solution. Something could trigger a phase of hyperinflation like the papiermark experienced in the early Weimar republic and your biscuit tins full of cash could end up having merely enough purchasing power to buy a Mars Bar. If I was you I’d convert all cash into a spread of 2" galvanised nails, salt, seed potatoes and sheet iron.
Dunne has emigrated with his lovely wife to the US - http://www.independent.ie/national-news/dunne-ducks-out-of-d4-and-heads-west-2409918.html
don’t forget,
they took the best advice available to them at the time
By Charlie Weston Personal Finance Editor
Wednesday November 10 2010
[b]MORE than a third of residential mortgages issued by Irish Nationwide Building Society are in arrears, the Irish Independent has learned.
Around half of the buy-to-let mortgages issued by the society in the past few years are also in arrears.[/b]
Head of mortgages at Irish Nationwide, Martin Noonan, refused to give any breakdown of the figures. But he admitted that arrears at the beleaguered building society are higher than at other lenders.
The revelation about the arrears comes days after UCD economics professor Morgan Kelly warned of a mortgage default time bomb. He said there would be a surge in the numbers unable to repay their mortgages, which he claimed would lead to civil unrest.
Formerly run by Michael Fingleton, Irish Nationwide has around €2.1bn lent out to homeowners and to investors in buy-to-let properties. Its market share is estimated to be around 2pc, which means it has issued around 16,000 mortgages.
Market
The arrears levels at the society are amongst the highest in the Irish market.
A spokeswoman for Irish Nationwide said: “For confidentiality reasons Irish Nationwide does not comment on mortgage customer arrears.”
Only sub-prime lender Start has higher levels of arrears. They are now as high as 45pc in some cases as the residential housing market continues to slide.
The latest official figures from the Central Bank show that almost 37,000 homeowners are in arrears, as they have not paid their mortgage for three months or more.
Financial Regulator Matthew Elderfield warned on Monday that arrears figures due out in the next few weeks will show the situation has gotten worse.
“My guess is that, over time, the arrears figures are going to get worse rather than improve because of the unemployment levels,” he said.
Struggling
Prof Kelly has estimated that around 100,000 mortgage holders are struggling to meet their monthly repayments.
In addition to those in arrears, some 45,000 homeowners have struck deals with their mortgage lenders to reduce their repayments, by either only repaying the interest for a period or opting for a repayment holiday.
Meanwhile, it emerged yesterday that ICS Building Society has made it more difficult for first-time buyers to get home loans.
ICS, which is a subsidiary of Bank of Ireland, will require anyone taking out a mortgage on a one-bed apartment in Dublin, Limerick, Galway or Cork to have a deposit of at least 25pc of the value of the property. Up to now it only required a 10pc deposit.
For one-bed apartments in other parts of the country a deposit of 35pc will be demanded, up from 15pc of the purchase price previously.
Mortgage broker body the Professional Insurance Brokers’ Association said a survey it conducted shows that up to 80pc of mortgage applications are being rejected by lenders.
- Charlie Weston Personal Finance Editor
Irish Independent
Irish bonds have gone up almost 50 cents today and are now the around the same price as a packet of cigarettes. They’re now at €8.47 after opening at €7.96. Buy them while they’re still less than a tenner!
That’s the yield on them not the cost. it’s how much interest we’d (irish government and us by proxy) would have to pay to borrow on the international markets, so the higher it goes the more fucked we are.
McWilliams and a few others on Vincent Browne are saying we playing the fool by pandering to the bond markets and we should basically screw them for their outstanding debts and start again.
i think he was taking the piss out of frank mcbrearty’s “eight euro a bond” faux pas.
at least i hope he is.
i must disagree with the fop here
look at the gnashing and wailing of teeth caused by a 6bn reduction.
even if a default had no impact on our vat, income and corporation tax, we’d be taking 17bn out of the economy and hoping to keep the show on the road
I have no idea why you’re arguing that point.
ACC, Ulster and NIB are not Irish. Their assets haven’t been given to NAMA because they weren’t compelled to join but all will be negotiating with NAMA about their developer loans.
The market traders knows de score. 8 euros a bond dayare now. The last ah da Irish bonds goin der now. Get them cheap today for 8 euros. Tomorrah dere FIVE FOR FIFTEEEE… D’ya want a bag wit dat dere love?
Good call Sid.
9.25% today :blink:
Your narrow view of what it constitutes to be Irish sickens me again. In any case there are banks in Ireland who are not part of NAMA, who do hold development loan bad debts. They have already liquidated some property and I expect this to continue.
Can’t see Rabobank. Danske or RBS negotiating with NAMA. Any link to prove your theory?
This is all so boring. Could the students who have time to follow this shit all fuck off or else post something amusing.
No need to take your frustration out on other posters just because you’re still a trainee accountant and have issues over being bullied by younger, more senior staff.
10.1% :unsure:
Bond yields are now measured in euro and cents, mate.