Chat Forum
It is currently Thu Aug 17, 2017 10:29 pm

All times are UTC [ DST ]




Post new topic Reply to topic  [ 34892 posts ]  Go to page 1, 2, 3, 4, 5 ... 873  Next
Author Message
PostPosted: Mon Dec 24, 2012 8:47 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
I've been in a number of restaurants over the past week, each packed to the gills, have had several taxi drivers tell me that their takings are excellent, and the shops have had their best Christmas for years.

(Have been in the Westbury and Shelbourne over the w/e also and the Champagne bars are back in business in a big way).

Are we on the way back up ?


Last edited by camroc1 on Tue Apr 16, 2013 6:27 pm, edited 1 time in total.

Top
 Profile  
 
PostPosted: Mon Dec 24, 2012 8:49 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 7840
Location: 15th worst Mod ever
Would you not expect a surge at this time of year, or is that relative to last year.


Top
 Profile  
 
PostPosted: Mon Dec 24, 2012 9:49 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 1160
Location: San Francisco
Turned another corner


Top
 Profile  
 
PostPosted: Mon Dec 24, 2012 10:34 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 9361
I hope so,lot of friends and young relations heading to the states in the new year.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 7:06 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Further good news :

Quote:
irishtimes.com - Last Updated: Thursday, January 3, 2013, 17:05
Exchequer returns show tax revenues up €2.6bn in 2012

Minister for Finance Michael Noonan published full-year exchequer returns today.
Related
Income tax revenues are EUR230 million behind target | 04/12/2012
Exchequer remains on target for 2012 tax take | 03/11/2012
Coalition parties sign off on bulk of budget despite rows | 03/12/2012
PRSI budget increase proposed in return for welfare safety net | 10/10/2012
The Exchequer deficit in 2012 was €10.8 billion lower than 2011, end of year figures released by the Department of Finance have shown.

Tax revenue was up by €2.6 billion, a 7.7 per cent year-on-year increase. When adjustments are made, it is a 5.3 per cent increase in tax revenue in the year. Total tax receipts for 2012 were €36.65bn.

December taxes were better than expected with a surplus over €440 million in the month. Corporation tax, VAT, stamp duties, capital gains tax and customs were all ahead of normal, but income tax, excise duties and capital acquisitions tax were below normal.

Figures showed non-tax revenue was up by €45 million

The expenditure for 2012 was in line with target with overspends in health and social protection offset by underspending in other areas.

The non-voted capital expenditure was down by €8.3bn as a result of the settlement of the IBRC promissory note with Government bonds and the fact that July 2011 banking recapitalisation payments were not repeated last year.

On the negative side, the non-voted spend was up by €1.49bn, mainly due to servicing the debt while capital receipts were down €236 million.

In a statement, Minister for Finance Michael Noonan and the Minister for Public Expenditure and Reform Brendan Howlin said the figures show the “continued improvement we are making”.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:01 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
So deficit below 8% this year, with a target of 7.5% for next.

With even a minimal PS cut we should be aiming for a budget deficit of below 5% for next year.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:03 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 34060
You can feel things are going in the right direction again. At this stage it all depends on external factors. Provided they stay like this it's all go with the recovery.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:11 pm 
Online
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 22418
Unemployment is still really high, hopefully it starts to drop again.

Agree with the first post though, go out with the missus every month or so for dinner and town tends to be rammed, restaurants and pubs both.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:15 pm 
Online
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 17547
Targeting rampant dole fraud and the black market should sort that out to a reasonable extent.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:16 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
danthefan wrote:
Unemployment is still really high, hopefully it starts to drop again.

Agree with the first post though, go out with the missus every month or so for dinner and town tends to be rammed, restaurants and pubs both.

Until there is finance for spec development, that will remain.

Alternatively if the govt were to go ahead with three or four of the big 'mothballed' infrastructural developments at the same time, you would see those numbers fall.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:29 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 27212
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:36 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Duff Paddy wrote:
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.

I'd agree re property outside of Dublin 4, 6, parts of 8 and Sth County.

But then any recovery is going to be Dublin led.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:43 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 27212
camroc1 wrote:
Duff Paddy wrote:
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.

I'd agree re property outside of Dublin 4, 6, parts of 8 and Sth County.

But then any recovery is going to be Dublin led.


It's dangerous to take small wealthy enclaves and try to extrapolate this to a nationwide recovery on the basis that Dublin will lead the way. Dublin isn't leading the way, small parts of residential Dublin have recorded a blip on the graph relative to last year. We need more data to draw any conclusion about a trend.

http://www.daft.ie/report/


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:47 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Duff Paddy wrote:
camroc1 wrote:
Duff Paddy wrote:
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.

I'd agree re property outside of Dublin 4, 6, parts of 8 and Sth County.

But then any recovery is going to be Dublin led.


It's dangerous to take small wealthy enclaves and try to extrapolate this to a nationwide recovery on the basis that Dublin will lead the way. Dublin isn't leading the way, small parts of residential Dublin have recorded a blip on the graph relative to last year. We need more data to draw any conclusion about a trend.

http://www.daft.ie/report/

I've read the report, Duff, and take your point.

But, touchwood, these may really be the green shoots poking their heads above the ground.

The state of the construction sector is still a massive drag on the economy regardless.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 9:57 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 27212
What would be a healthy level of residential construction for a country like Ireland? I gather its close to zero at present, with most of the oversupply in unattractive areas. Nama are also distorting the situation. My philosophy is that low house prices are in general a good thing for an economy.


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 10:07 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 4191
When I was home at Xmas I noticed a new development being launched in Milltown, Orwell Lodge I think. Shocked to see the advertising hoardings up, not something you see much of these days!


Top
 Profile  
 
PostPosted: Thu Jan 03, 2013 10:09 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Duff Paddy wrote:
What would be a healthy level of residential construction for a country like Ireland? I gather its close to zero at present, with most of the oversupply in unattractive areas. Nama are also distorting the situation. My philosophy is that low house prices are in general a good thing for an economy.

10 -15% of GDP would be healthy.

We are at about 5%, maybe a bit under now.

It is a very labour intensive industry, and money spent on construction tends to go straight back into the local community.

EDIT AT the tippy top of the boom construction was approaching 25% of GDP.


Top
 Profile  
 
PostPosted: Fri Jan 04, 2013 12:33 am 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 27212
If anyone is in need of a good laugh/cry:
http://businessetc.thejournal.ie/nama-e ... 1-Jan2013/

We've got 3.6billion in the bank :lol:


Top
 Profile  
 
PostPosted: Fri Jan 04, 2013 12:36 am 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Duff Paddy wrote:
If anyone is in need of a good laugh/cry:
http://businessetc.thejournal.ie/nama-e ... 1-Jan2013/

We've got 3.6billion in the bank :lol:

Would the fuckers not spend some of it by letting a developer or two develope some really large commercial buildings in Dublin, which the IDA is crying out for.


Top
 Profile  
 
PostPosted: Fri Jan 04, 2013 10:07 am 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
And more good news :

Quote:
irishtimes.com - Last Updated: Friday, January 4, 2013, 08:58
Services buoyed by surging exports
Related
Stability returning after four years of turmoil but challenges remain | 04/01/2013
Services growth at five year high | 05/12/2012
Rise in business from abroad helps push up services activity | 06/12/2012
Services sector still growing - survey | 06/11/2012
EOIN BURKE-KENNEDY

Activity in Ireland’s services sector grew for a fifth month in succession on the back of the biggest surge in new export orders since September 2006.

The latest NCB Stockbrokers purchasing managers’ index (PMI) of activity for the sector fell slightly to 55.8 in December from 56.1 the previous month. However, it remained comfortably above the 50 mark which separates contraction from growth.

The index is compiled from a survey of more than 600 companies, ranging from hotels and hairdressers to IT firms and telecoms

Both the sub-indices for new orders and new export business were in positive territory again last month, pointing to continued momentum in the sector.

The volume of new export business received by Irish service providers rose for the 17th successive month, with December’s figure of 61.3, the highest recorded since September 2006 and the third highest rate recorded since its inclusion in the index a decade ago.

The NCB’s sub-index for new business also grew sharply, with survey respondents mentioning launch of new products and also more new business from overseas markets, with the Middle East and UK cited as areas of particular strength.

Also encouraging was the rate of job creation in the sector which grew for the fourth successive month to remain at a five-year high.

The survey indicated three of the four components of the services sector - travel and leisure, business services and technology, media and telecommunications recorded growth in staffing levels during December while financial services remained unchanged.

The NCB’s survey did, however, point to an ongoing mismatch between input costs, which increased for 25th successive month and output charges which have been in negative territory since August 2008. “This continues to weigh on profitability in the sector,” said NCB economist Philip O'Sullivan.


Top
 Profile  
 
PostPosted: Fri Jan 04, 2013 12:38 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 45338
Duff Paddy wrote:
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.


I don't think a bit of irrationality is a bad thing. I think we talked ourselves into a worse situation than it needed to be initially so no harm talking our way out of it a bit.

In terms of a total meltdown, I would think that's now down to external factors out of our control?


Top
 Profile  
 
PostPosted: Mon Jan 07, 2013 12:10 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Time to bump the thread of record, now in its third incarnation.

More good news from IDA Ireland.

Quote:
Job losses in IDA Ireland companies lowest in a decade
Updated: 10:53, Monday, 07 January 2013


inShare
1 of 2
IDA Ireland says prospects for 2013 are promising Barry O'Leary says key global companies continue to select Ireland as a destination of choice
IDA Ireland has said that 6,570 net jobs were created by IDA companies last year.
In its end of year review, the Government agency responsible for attracting foreign direct investment said that job losses were the lowest in a decade.
A total of 12,722 positions were created by IDA-supported companies last year, but 6,152 jobs were also lost.
The IDA said its client base in Ireland now employs 152,785 people, a level last recorded before the global financial crisis in 2008.
The biggest single project last year was the creation of 1,000 positions at Paypal in Dundalk, Co Louth.
Other big investments included Northern Trust, Apple, EA Games, Cisco, Allergan and Eli Lilly.
There were 145 individual investments last year, with 66 (over 40%) from companies coming to Ireland for the first time.
The IDA said the prospects for 2013 are promising, but there are challenges due to the global slowdown and competition from other countries.
According to figures from Forfás, IDA client exports rose by 7.5% in 2011, faster than the national average of 5.7%.
It also noted that IDA companies spent €18.8 billion in the Irish economy in 2011, up 10% compared to 2010 data.
Expenditure on Irish sourced materials rose from €1.5 billion to €1.7 billion, while IDA firms also spent €9.6 billion on Irish-sourced services last year, up from €8.5 billion in 2010.
IDA Ireland Chief Executive Barry O'Leary said that key global companies continue to select Ireland as a destination of choice because of the country's talented workforce, technology capability, corporation tax and our strong FDI track record.
Mr O'Leary said: "Ireland's leading FDI companies have strong economic substance here in terms of large-scale employment and investment.
"But Ireland faces a highly competitive landscape, with notable strong competition arising from the UK, the Netherlands and Switzerland and many other countries."
Keywords: ida ireland, jobs


http://www.rte.ie/news/2013/0107/job-lo ... iness.html


Top
 Profile  
 
PostPosted: Mon Jan 07, 2013 1:23 pm 
Offline

Joined: Tue Jan 31, 2012 11:05 am
Posts: 164
Your Deccie Out levels of enthusiasm on this thread are just what the country needs Camroc!


Top
 Profile  
 
PostPosted: Mon Jan 07, 2013 5:35 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 19621
So we've got mortgages in arrears out the wazoo but there were just 10 evictions carried out in Dublin in 2012. The owners of all these properties would like to extend a very warm new year message of thanks to the taxpayer for funding this largesse.


Top
 Profile  
 
PostPosted: Mon Jan 07, 2013 5:39 pm 
Offline

Joined: Tue Jan 31, 2012 11:05 am
Posts: 2347
Duff Paddy wrote:
camroc1 wrote:
Duff Paddy wrote:
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.

I'd agree re property outside of Dublin 4, 6, parts of 8 and Sth County.

But then any recovery is going to be Dublin led.


It's dangerous to take small wealthy enclaves and try to extrapolate this to a nationwide recovery on the basis that Dublin will lead the way. Dublin isn't leading the way, small parts of residential Dublin have recorded a blip on the graph relative to last year. We need more data to draw any conclusion about a trend.

http://www.daft.ie/report/



The guy who built the Elesyian in Cork was on the paper last week claiming property was rebounding so it must be true.......


Top
 Profile  
 
PostPosted: Mon Jan 07, 2013 10:30 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 19621
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.


Top
 Profile  
 
PostPosted: Mon Jan 07, 2013 10:40 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Uncle Fester wrote:
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.

Go on strike in protest against cuts that your employer is making to stay in business.

Do these guys do logic at all ?


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 1:06 am 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 19621
Did I hear right that the semi-states have been insulated from ALL pay cuts and pension levies? x(


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 2:07 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Good news from the bond markets. From the IT.

Quote:
irishtimes.com - Last Updated: Tuesday, January 8, 2013, 12:48
Ireland raises €2.5bn in bond sale

The National Management Treasury Agency has sold EUR2.5 billion worth of debt.
Related
Government raises EUR1bn after strong demand at bond auction | 19/08/2009
Bond sale attempts to raise up to EUR5bn | 14/01/2010
State to tempt markets with EUR2bn bond deal | 08/01/2013
NTMA takes surprise plunge into the bond markets | 27/07/2012
FIONA REDDAN

The National Treasury Management Agency has sold €2.5 billion of 2017 bonds in its first syndicated sovereign deal since 2010, having received orders worth more than €7 billion.

The last time Ireland raised funds through a syndicated deal – which differs from an auction in that the price is pre-agreed – was before the EU-IMF bailout programme of December 2010.

Ireland looks likely to become the first sovereign to successfully exit a euro zone bailout programme and is expected to issue approximately €10 billion of debt this year.

"It was an excellent deal for Ireland ... There was a decent spread of demand across geographies. We've seen a few accounts getting back involved after the two-and-a-half year hiatus from the (Irish debt agency)," a trader said.

Irish five-year yields initially rose ahead of books opening on the deal but the strong demand saw the bonds recover early losses to trade flat at a yield of 3.36 per cent.

Given that Ireland's average cost of bond funding was circa 4.7 per cent prior to entering the bailout, to fund at such a level is a remarkable turnaround. It also represents a level lower than that which Ireland is borrowing from the Troika, about 3.5 per cent.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 5:24 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 19621
Duff Paddy wrote:
Irrational exuberance. Just because people are anecdotally spending more this Christmas - it really doesn't tell us that we've turned a corner. I reckon that a lot of the previous fear of a total meltdown has abated, albeit irrationally. I see the property sector is hitting the media hard this new year with the erroneous message that things have stabilised. They have not, the rate of decline has merely decreased.

Somebody forgot to CC Fitch on the memo:
"Fitch anticipates depressed mortgage lending, continued declines in house prices and pressure on incomes and consumer confidence. The ratings agency said that access to mortgage lending will continue to hamper property markets in a number of countries, including Ireland. "Banks maintain strict underwriting guidelines and are strongly restricted in their willingness and ability to lend, especially in peripheral eurozone countries," it said.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 6:22 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 20334
Uncle Fester wrote:
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.


The state would have to foot the bill if they sought council housing to replace the houses they lost.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 7:44 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 19621
anonymous_joe wrote:
Uncle Fester wrote:
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.


The state would have to foot the bill if they sought council housing to replace the houses they lost.

Think you might be responding to the wrong post.

And no, not necessarily. Those with jobs but who are over-loaded with debt will lose their homes but they'll also lose the debt and can start again with a nice rental in Newbridge, i.e. something within their means.

And it's not taking into account the likes of Brendan Kelly who are funneling rent directly to themselves (from 20 properties in their case) and refusing to make any repayments at all.
Another example of same.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 9:02 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 1160
Location: San Francisco
camroc1 wrote:
Good news from the bond markets. From the IT.

Quote:
irishtimes.com - Last Updated: Tuesday, January 8, 2013, 12:48
Ireland raises €2.5bn in bond sale

The National Management Treasury Agency has sold EUR2.5 billion worth of debt.
Related
Government raises EUR1bn after strong demand at bond auction | 19/08/2009
Bond sale attempts to raise up to EUR5bn | 14/01/2010
State to tempt markets with EUR2bn bond deal | 08/01/2013
NTMA takes surprise plunge into the bond markets | 27/07/2012
FIONA REDDAN

The National Treasury Management Agency has sold €2.5 billion of 2017 bonds in its first syndicated sovereign deal since 2010, having received orders worth more than €7 billion.

The last time Ireland raised funds through a syndicated deal – which differs from an auction in that the price is pre-agreed – was before the EU-IMF bailout programme of December 2010.

Ireland looks likely to become the first sovereign to successfully exit a euro zone bailout programme and is expected to issue approximately €10 billion of debt this year.

"It was an excellent deal for Ireland ... There was a decent spread of demand across geographies. We've seen a few accounts getting back involved after the two-and-a-half year hiatus from the (Irish debt agency)," a trader said.

Irish five-year yields initially rose ahead of books opening on the deal but the strong demand saw the bonds recover early losses to trade flat at a yield of 3.36 per cent.

Given that Ireland's average cost of bond funding was circa 4.7 per cent prior to entering the bailout, to fund at such a level is a remarkable turnaround. It also represents a level lower than that which Ireland is borrowing from the Troika, about 3.5 per cent.


More debt. Great news.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 10:11 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 37232
Minnosu wrote:
camroc1 wrote:
Good news from the bond markets. From the IT.

Quote:
irishtimes.com - Last Updated: Tuesday, January 8, 2013, 12:48
Ireland raises €2.5bn in bond sale

The National Management Treasury Agency has sold EUR2.5 billion worth of debt.
Related
Government raises EUR1bn after strong demand at bond auction | 19/08/2009
Bond sale attempts to raise up to EUR5bn | 14/01/2010
State to tempt markets with EUR2bn bond deal | 08/01/2013
NTMA takes surprise plunge into the bond markets | 27/07/2012
FIONA REDDAN

The National Treasury Management Agency has sold €2.5 billion of 2017 bonds in its first syndicated sovereign deal since 2010, having received orders worth more than €7 billion.

The last time Ireland raised funds through a syndicated deal – which differs from an auction in that the price is pre-agreed – was before the EU-IMF bailout programme of December 2010.

Ireland looks likely to become the first sovereign to successfully exit a euro zone bailout programme and is expected to issue approximately €10 billion of debt this year.

"It was an excellent deal for Ireland ... There was a decent spread of demand across geographies. We've seen a few accounts getting back involved after the two-and-a-half year hiatus from the (Irish debt agency)," a trader said.

Irish five-year yields initially rose ahead of books opening on the deal but the strong demand saw the bonds recover early losses to trade flat at a yield of 3.36 per cent.

Given that Ireland's average cost of bond funding was circa 4.7 per cent prior to entering the bailout, to fund at such a level is a remarkable turnaround. It also represents a level lower than that which Ireland is borrowing from the Troika, about 3.5 per cent.


More debt. Great news.

The interest rate is a lot less than that for a lot of the existing stuff. There will be a lot of substitution.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 10:18 pm 
Online
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 22418
So our interest rate now is lower than before we entered the bailout?

I wish I understood all this financial stuff.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 11:40 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 1160
Location: San Francisco
Regardless of the lower interest rates, Ireland's children and 20 something's will be paying for the greed of the older generations.
Disgusting really.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 11:43 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 20334
Uncle Fester wrote:
anonymous_joe wrote:
Uncle Fester wrote:
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.


The state would have to foot the bill if they sought council housing to replace the houses they lost.

Think you might be responding to the wrong post.

And no, not necessarily. Those with jobs but who are over-loaded with debt will lose their homes but they'll also lose the debt and can start again with a nice rental in Newbridge, i.e. something within their means.

And it's not taking into account the likes of Brendan Kelly who are funneling rent directly to themselves (from 20 properties in their case) and refusing to make any repayments at all.
Another example of same.

It was the wrong post.

I see your point, alright.

I doubt it'd happen though, at a basic level, evictions are unbelievably unpopular. The banks know that if they evict, they're left with a house they can't sell and bad PR. I can see that being enough to calm them down a bit.


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 11:44 pm 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 3565
Location: Ireland
Here's what the Germans make of Ireland's situation:

http://www.spiegel.de/international/europe/ireland-seeks-to-have-europe-share-in-risk-of-ailing-banking-sector-a-876124.html

Quote:
Ireland Lobbies to Have Europe Share Banking Risk

By Christoph Pauly


Ireland's reform policies have been widely praised for helping it emerge from the crisis, but the truth is bleaker. If the government fails to get European taxpayers to assume some of the risk of its ailing banking sector, the country could soon require another bailout.
Info

In his home country, Irish Prime Minister Enda Kenny, 61, has a reputation for being somewhat wooden. But when he meets with German Chancellor Angela Merkel and other top German politicians, he's capable of unaccustomed gallantry, as the Irish have noted with surprise. For instance, Kenny has recently proved that he's a master of the diplomatic art known as "air kissing."


This Tuesday, the Irishman will have yet another opportunity to demonstrate his skills. Kenny is traveling to the southern German village of Wildbad Kreuth, where the conservative Christian Social Union (CSU) -- the Bavarian sister party to Merkel's Christian Democratic Union (CDU) -- is holding its annual gathering. At it, Kenny hopes to schmooze with Horst Seehofer, the CSU's chairman, and Gerda Hasselfeldt, head of its federal parliamentary group. Shortly after breakfast, and before a speech by the chairman of the Bavarian Farmers' Association, Kenny plans to present his country as a model of successful reform policies.

Kenny's charm offensive is not entirely altruistic. For over two years -- and to the delight of the Anglo-Saxon media -- the conservative leader has been trying to get European taxpayers to foot the enormous bill for bailing out Ireland's ailing banking sector. But, taking their cue from the Germans, the Europeans have so far balked at the idea.

Instead, Chancellor Merkel has been quick to praise the way Ireland has implemented economic reforms and used money from European bailout funds over the past few years to emerge from the crisis: Exports have risen, the country has regained its competitiveness, and it has even succeeded in getting private creditors to lend it some money.

Unfortunately, this gleaming façade obscures a rather dismal reality. Although Ireland's economy has stabilized, its debts continue to mount -- despite the fact that the country has been diligently fulfilling all of the demands made by the troika of lenders, which consists of the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB). This year, Ireland's public debt is expected to increase to 122 percent of its annual gross domestic product (GDP) -- in other words, beyond the limit at which the IMF believes long-term debt sustainability can be achieved.

The €68 billion ($90 billion) in bailout funds are only expected to meet the country's financial needs until the end of 2013. But Ireland has a trick up its sleeve that it hopes will allow it to avoid a second official aid package: Kenny would like to transfer one-quarter of Ireland's public debt -- the amount that was amassed solely from bailing out the country's banks -- to the EU. "By June, following the decision of the European Council, we expect agreement on the modalities of reducing the burden that the Irish taxpayer took on from the recapitalization of the going-concern banks," Kenny reportedly said shortly before Christmas.

Spreading the Pain

On Jan. 1, Ireland assumed the presidency of the European Council, which rotates every six months. During this period, Kenny is expected to forge important compromises among the EU's 27 member states. But, more importantly, he intends to use his position to highlight Irish concerns.

Ireland's demands are very precise -- and could be costly for the Germans. At stake are the €31 billion that the country received from the system of European central banks to save two crisis-ridden Irish financial institutions in 2010. The country is expected to pay this money back in installments over the next 10 years.

Already last year, the Irish pushed long and hard until they were allowed to pay back the first installment with the help of a new loan. But that was not a long-term solution. Starting this year, the state will explicitly be liable for the debts of Ireland's nationalized banks. This has prompted the Irish to look for a more creative solution this year. "We would like the payback period for the debts to be extended and the interest rates to be cut to a reasonable level," European Affairs Minister Lucinda Creighton told SPIEGEL.

This notion has met with resistance from the ECB, however. ECB President Mario Draghi regularly snubbed Kenny when he broached the topic at the numerous Brussels summits last year. The ECB wants to avoid any more accusations of directly financing ailing euro-zone member states. For Draghi, the simplest solution would be for the European Stability Mechanism (ESM), the euro zone's €700 billion permanent backstop fund, to step into the breach and take over the debt.

Kenny would ideally like to use the ESM as a way of getting European taxpayers to shoulder the risks associated with all the debts of the Irish banking sector. He intends to use the six months of his European presidency to push through a banking union that would also make the bailout fund responsible for dealing with toxic assets in the European banking system left over from the financial crisis of 2007-2008.

But to achieve this, Kenny will need the support of Chancellor Merkel and Germany's parliament, the Bundestag. If he manages to push through his agenda, Europe's taxpayers will have to absorb a significant portion of the risks of Ireland's banking sector. If the Germans refuse, it will become more likely that Ireland will have to be bailed out a second time this autumn.

It looks as if Kenny's newfound talent still has to be put to the test.

Translated from the German by Paul Cohen


Top
 Profile  
 
PostPosted: Tue Jan 08, 2013 11:46 pm 
Offline

Joined: Tue Jan 31, 2012 11:05 am
Posts: 2347
anonymous_joe wrote:
Uncle Fester wrote:
anonymous_joe wrote:
Uncle Fester wrote:
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.


The state would have to foot the bill if they sought council housing to replace the houses they lost.

Think you might be responding to the wrong post.

And no, not necessarily. Those with jobs but who are over-loaded with debt will lose their homes but they'll also lose the debt and can start again with a nice rental in Newbridge, i.e. something within their means.

And it's not taking into account the likes of Brendan Kelly who are funneling rent directly to themselves (from 20 properties in their case) and refusing to make any repayments at all.
Another example of same.

It was the wrong post.

I see your point, alright.

I doubt it'd happen though, at a basic level, evictions are unbelievably unpopular. The banks know that if they evict, they're left with a house they can't sell and bad PR. I can see that being enough to calm them down a bit.


If they are cheap enough they'll sell in a flash. Not sure that they'd sell them cheap though.


Top
 Profile  
 
PostPosted: Wed Jan 09, 2013 12:36 am 
Offline
User avatar

Joined: Tue Jan 31, 2012 11:05 am
Posts: 19621
apurelegend wrote:
anonymous_joe wrote:
Uncle Fester wrote:
anonymous_joe wrote:
Uncle Fester wrote:
Strikes are coming...
About bloody time. Will be a perfect opportunity for the general public to give the PS unions some valuable feedback from the general public who pay for their services.


The state would have to foot the bill if they sought council housing to replace the houses they lost.

Think you might be responding to the wrong post.

And no, not necessarily. Those with jobs but who are over-loaded with debt will lose their homes but they'll also lose the debt and can start again with a nice rental in Newbridge, i.e. something within their means.

And it's not taking into account the likes of Brendan Kelly who are funneling rent directly to themselves (from 20 properties in their case) and refusing to make any repayments at all.
Another example of same.

It was the wrong post.

I see your point, alright.

I doubt it'd happen though, at a basic level, evictions are unbelievably unpopular. The banks know that if they evict, they're left with a house they can't sell and bad PR. I can see that being enough to calm them down a bit.


If they are cheap enough they'll sell in a flash. Not sure that they'd sell them cheap though.

Why wouldn't they? They have balance sheets to repair and losses to crystalise.
I read that Clancy Quay has been repo'd and this one is a biggie. BoSI want it off their books asap. Planning for 700+ apartments granted originally. 420 built. They sold 60, leaving 360 needing to be dumped. There's 2,432 ads for Dublin city lettings on Daft.ie tonight. 15% of that current total for the entire city is going to come on stream from that one complex!

They have entire vacant blocks (4/5 I think) so they'll be able to sell those to a REIT who'll achieve far better economies of scale when letting than flippers but that's still the D8 rental market flooded. Whatever doesn't get picked up be a REIT will be flogged by Allsop. Amateur landlords in the area could be in for a bloodbath.

This could spark a race to the bottom if the non-NAMA banks holding all the other empty complexes follow suit.
What's the betting that NAMA is the one left without a pair of trousers by the end?


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 34892 posts ]  Go to page 1, 2, 3, 4, 5 ... 873  Next

All times are UTC [ DST ]


Who is online

Users browsing this forum: akann, Bindi, Bing [Bot], Clive Simms, Conspicuous, danthefan, Deadtigers, Dumbledore, echo, El Homerino, Fangle, Fat Old Git, flaggETERNAL, Flametop, forrester, fraz, Gavin Duffy, goeagles, Google Adsense [Bot], Jay Cee Gee, jezzer, Jim Lahey, Leinsterman, obelixtim, pandion, paneer, Porterbelly1, puku, Rugby2023, Stevus55, Tim., True Blue, Ulsters Red Hand and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Group