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PostPosted: Wed Jan 09, 2013 12:38 am 
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Uncle Fester wrote:
apurelegend wrote:
anonymous_joe wrote:
Uncle Fester wrote:
anonymous_joe wrote:

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?

*opens piggy bank*


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PostPosted: Wed Jan 09, 2013 12:44 am 
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Cammy. I wouldn't be surprised if the bulk of the 360 were sold at preferential rates to a big buyer who can complete them (did I forget to mention that bit?) and then undercut all other rents in the area to get them filled quickly.
They will also be the management company and be able to be as unhelpful as possible to the privately owned units.
Don't think it's going to be pleasant for the small guys. Great whites will be entering the water shortly.

Eventually something similar will happen with the Elysian in Cork. They'll buy the whole thing for a song and they'll somehow get the 2-3 owner occupiers out of there by hook or by crook.


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PostPosted: Wed Jan 09, 2013 10:29 am 
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And more evidence of revised sentiment towards Ireland.

Quote:
irishtimes.com - Last Updated: Wednesday, January 9, 2013, 08:39
State to sell €500m of BoI notes

The Government is to sell at least EUR500 million worth of contingent capital notes that were used to recapitalise Bank of Ireland.
Related
Noonan secures IL&P funding order | 26/07/2011
Majority State stake in BofI imminent | 24/11/2010
Pressure mounts for BofI move from HQ | 29/11/2012
BofI to sell UK loans portfolio | 13/06/2012
Canadian group leads EUR1.1bn investors in BofI | 26/07/2011
Ireland plans to sell at least €500 million worth of contingent capital notes that were used to recapitalise Bank of Ireland to private investors in a secondary placement, the Department of Finance said today.

The Irish government is currently the sole holder of the original €1 billion placement, which pays a coupon of 10 per cent.

The joint lead managers have received indications of interest from private investors, including some existing investors in Bank of Ireland, to cover the placement of 500 million in aggregate principal amount, Bank of Ireland said in a statement.

Bloomberg


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PostPosted: Wed Jan 09, 2013 10:49 am 
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Uncle Fester wrote:
Cammy. I wouldn't be surprised if the bulk of the 360 were sold at preferential rates to a big buyer who can complete them (did I forget to mention that bit?) and then undercut all other rents in the area to get them filled quickly.
They will also be the management company and be able to be as unhelpful as possible to the privately owned units.
Don't think it's going to be pleasant for the small guys. Great whites will be entering the water shortly.

Eventually something similar will happen with the Elysian in Cork. They'll buy the whole thing for a song and they'll somehow get the 2-3 owner occupiers out of there by hook or by crook.


Seems to be the way things are going. There have been a number of blocks of apartments that have been sold over the last year or so (look at the guy paying €120k for the household charge) with the intention of renting them to pay down the debt and I would imagine sell them off piece meal when the market comes back. If you are willing to put in the work associated with owning all the apartments (managing agent can do the bulk of it) some of the buidlings are not that huge a risk given where rents are and the likelihood that the apartment block was probably heavily discounted.


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PostPosted: Wed Jan 09, 2013 8:25 pm 
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Bus drivers busy threatening to spread the strike to Irish Rail and Dublin bus.
Bring it the fudge on. Some feedback from their long-suffering customers would do them the world of good.

Oh and in case you were curious what bus drivers earned. This is before "extras". Pretty damn good money for unqualified, low-skill work if you ask me.


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PostPosted: Wed Jan 09, 2013 9:49 pm 
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camroc1 wrote:
And more evidence of revised sentiment towards Ireland.

Quote:
irishtimes.com - Last Updated: Wednesday, January 9, 2013, 08:39
State to sell €500m of BoI notes

The Government is to sell at least EUR500 million worth of contingent capital notes that were used to recapitalise Bank of Ireland.
Related
Noonan secures IL&P funding order | 26/07/2011
Majority State stake in BofI imminent | 24/11/2010
Pressure mounts for BofI move from HQ | 29/11/2012
BofI to sell UK loans portfolio | 13/06/2012
Canadian group leads EUR1.1bn investors in BofI | 26/07/2011
Ireland plans to sell at least €500 million worth of contingent capital notes that were used to recapitalise Bank of Ireland to private investors in a secondary placement, the Department of Finance said today.

The Irish government is currently the sole holder of the original €1 billion placement, which pays a coupon of 10 per cent.

The joint lead managers have received indications of interest from private investors, including some existing investors in Bank of Ireland, to cover the placement of 500 million in aggregate principal amount, Bank of Ireland said in a statement.

Bloomberg


Another shitty deal by the Irish government. Why would anyone sell bonds that were paying 10%? And then they only make a profit of $10m on $500m of those bonds? Something doesn't add up here.

The two shitty transactions in the last couple of days shows a government more concerned with how they are perceived than actually doing anything to fix the economy.

Shambles.


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PostPosted: Sun Jan 27, 2013 3:17 pm 
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A good article about the property tax in the Sindo, |I thought :

Quote:
You are here: Home > National News
Revealed: huge inequity in rural/city property tax
Small apartments in capital will be charged more than rural 'mansions'

PRINT EMAIL NORMALLARGEEXTRA LARGE 129 28 49
Also in National News


By DANIEL McCONNELL and RONALD QUINLAN
Sunday January 27 2013
115 Comments
THE gross inequity of Finance Minister Michael Noonan's property tax is today laid bare as it has emerged Dubliners on the lowest rung of the property ladder will pay higher property tax than the owners of large four-bedroom homes across rural Ireland.

One-bed apartment owners in the golden triangle of south county Dublin will be forced to pay on average €315 in property tax, higher or equal than that paid by the owners of large detached houses in 19 other counties outside the capital, a Sunday Independent national property survey published today reveals.

The figures have reignited angry calls this weekend from within Fine Gael to have the terms and scope of the property tax amended in the Finance Bill to address the "injustice inflicted on the people of Dublin".

Dublin South TD Olivia Mitchell said: "What is happening is that many young people who bought apartments at the peak, paid huge stamp duty and are now caught in negative equity will be subsidising those in country mansions. It is grossly unfair," she said.

According to our county-by-county analysis, owners of large homes in counties Mayo, Roscommon, Leitrim, Cavan, Longford, Westmeath, Offaly, Laois and Wexford will pay, on average, lower property tax than owners of the smallest apartments and houses in areas such as Stillorgan, Dalkey and Blackrock.

For example, owners of large four and five-bed houses in Taoiseach Enda Kenny's constituency of Mayo will pay a mere €225 a year in property tax, while people in the same-sized house in south Dublin will be forced to pay €945, a difference of €720 a year, our survey says.

But worse still, those who own large rural homes who will pay the €225 property tax will be charged €90 less than owners of small one-bedroom apartments or houses in south Dublin. While the figures contained in the survey are based on averages, the reality is that the owners of larger homes in Dublin will pay in excess of €1,000 every year in property tax.

In counties Kerry, Galway, Donegal, Monaghan, Limerick, Waterford, Tipperary, Sligo, Longford, Louth, Kilkenny, Meath and Carlow, owners of the largest properties will pay on average €315, the same as the one-bed apartment owners in south Dublin.

The survey examined the latest available sales data based on actual sales figures drawn from the Residential Property Price Register as well as information contained in quarterly reports on the property market by Daft.ie and MyHome.ie.

Reacting to the findings of our survey, angry Dublin Fine Gael TDs have reiterated their claims that what is being introduced is not a property tax but merely another form of income tax.

Dublin South TD Olivia Mitchell said: "We all know this so-called property tax is not a sustainable model for collecting money. These figures demonstrate clearly that the property tax is massively unfair."

She added: "I know the rural people have said they don't have the same services, and their subvention should come out from general taxation. This is not a property tax and the people of Dublin are being done a grave injustice."

Her colleague Eoghan Murphy, who represents the Dublin South East constituency, branded the property tax as a "deeply retrograde measure".

"This can in no way be perceived as fair, no way. It doesn't make any sense. I am all for a local services tax or charge, but this is just another form of income tax," he added.

"If this is going ahead, we must make allowance for those who paid stamp duty at the peak, but we must see exactly to what degree Dublin taxpayers will be subsidising those down the country."

Dun Laoghaire TD Mary Mitchell O'Connor said her major concern about the tax was for those who paid stamp duty at 9 per cent who would be burdened by this new tax.

She said: "This proposed tax takes account of people's ability to pay through a series of deferral arrangements but it does not take account of those who paid stamp duty of up to 9 per cent at the top end of the market. Many of those buyers had to borrow the money to pay that stamp duty. It would be galling if other counties did not pay and expected Dun Laoghaire residents to subsidise them."

Peter Mathews TD said many people in south Dublin simply won't be able to pay the tax or would have to sacrifice "dental work" for their children.

"I can see that there's going to be for those people who would in theory like to pay it, an inability to pay it. If you have a €650 after-tax bill on a modest enough house in south Dublin, that's a lot of money. Sure they're giving up things that they would have considered worth fighting for, things like dental correction work for children; all those things are being cut out," he said.

He added that owners of one-bed apartments in Dublin were far more likely to have borrowed heavily than owners of four-bed detached houses outside Dublin.

"You might find also that the income-generation capacity of the one-bed apartment owner is far more volatile than the owners of the four-bed house," he said.

In March, homeowners will receive correspondence from Revenue as to the amount of property tax they will have to pay when the tax comes into force in July. This year homeowners will only be liable for half of the full charge. The full tax will be levied from January 1, 2014.

- DANIEL McCONNELL and RONALD QUINLAN


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PostPosted: Sun Jan 27, 2013 3:19 pm 
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Uncle Fester wrote:
Bus drivers busy threatening to spread the strike to Irish Rail and Dublin bus.
Bring it the fudge on. Some feedback from their long-suffering customers would do them the world of good.

Oh and in case you were curious what bus drivers earned. This is before "extras". Pretty damn good money for unqualified, low-skill work if you ask me.


I think enda would actually have a mandate to break them this time round - they'll have little to no public support.


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PostPosted: Sun Jan 27, 2013 5:31 pm 
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Was back in Cork for the weekend and was down by the Kingsley hotel. Most non Cork people won't know this hotel. It's a 5 star hotel that was built at the beginning of the boom. It closed down a few years ago after being ravaged by floods. You'd have to wonder how planning was ever granted as the hotel is located directly across the road from Cork County hall, where the planning offices are. The planning offices look directly onto the Lee fields, where this hotel was built. The clue is in the name "Lee fields". These fields flood a number of times every year. They were even flooded to a point today. How anyone could have granted planning permission was a joke. Now it's just a heap of shite that is lying useless. Joke.


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PostPosted: Sun Jan 27, 2013 6:27 pm 
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apurelegend wrote:
Was back in Cork for the weekend and was down by the Kingsley hotel. Most non Cork people won't know this hotel. It's a 5 star hotel that was built at the beginning of the boom. It closed down a few years ago after being ravaged by floods. You'd have to wonder how planning was ever granted as the hotel is located directly across the road from Cork County hall, where the planning offices are. The planning offices look directly onto the Lee fields, where this hotel was built. The clue is in the name "Lee fields". These fields flood a number of times every year. They were even flooded to a point today. How anyone could have granted planning permission was a joke. Now it's just a heap of shite that is lying useless. Joke.


Every county has a handful of similar tales to tell, at least. That is a fairly galling one though, must be said.

The sort of thing heads should have rolled for. Presumably didn't?

Barely worth adding a casual question-mark at the end there. Varleyesque.


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PostPosted: Sun Jan 27, 2013 8:38 pm 
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redderneck wrote:
apurelegend wrote:
Was back in Cork for the weekend and was down by the Kingsley hotel. Most non Cork people won't know this hotel. It's a 5 star hotel that was built at the beginning of the boom. It closed down a few years ago after being ravaged by floods. You'd have to wonder how planning was ever granted as the hotel is located directly across the road from Cork County hall, where the planning offices are. The planning offices look directly onto the Lee fields, where this hotel was built. The clue is in the name "Lee fields". These fields flood a number of times every year. They were even flooded to a point today. How anyone could have granted planning permission was a joke. Now it's just a heap of shite that is lying useless. Joke.


Every county has a handful of similar tales to tell, at least. That is a fairly galling one though, must be said.

The sort of thing heads should have rolled for. Presumably didn't?

Barely worth adding a casual question-mark at the end there. Varleyesque.


Wicklow alone has enough for a year's worth of prime time specials


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PostPosted: Sun Jan 27, 2013 8:50 pm 
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two couples tenants of a house I look after have told me they will have to look for a larger house due to cutbacks in work hours,another couple is coming over from Poland and they will look to share a 4 bed.
That will be at least 6 adults and 5 kids sharing a small Clondalkin house.
Clearly these minimum wage folk will have to be housed by the state.


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PostPosted: Sun Jan 27, 2013 8:52 pm 
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lorcanoworms wrote:
two couples tenants of a house I look after have told me they will have to look for a larger house due to cutbacks in work hours,another couple is coming over from Poland and they will look to share a 4 bed.
That will be at least 6 adults and 5 kids sharing a small Clondalkin house.
Clearly these minimum wage folk will have to be housed by the state.

Our non existent social services need to get the finger out


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PostPosted: Sun Jan 27, 2013 9:05 pm 
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Duff Paddy wrote:
lorcanoworms wrote:
two couples tenants of a house I look after have told me they will have to look for a larger house due to cutbacks in work hours,another couple is coming over from Poland and they will look to share a 4 bed.
That will be at least 6 adults and 5 kids sharing a small Clondalkin house.
Clearly these minimum wage folk will have to be housed by the state.

Our non existent social services need to get the finger out

I will be glad to see the back of them,talk about moans had to change eight rads and fit a combi boiler.
the kids were lovely though.


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PostPosted: Mon Jan 28, 2013 5:26 pm 
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camroc1 wrote:
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 ?

Except for the fact that Retail Sales volume decreased 0.1% in December 2012 from November 2012 and annual decrease of 1%.


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PostPosted: Tue Jan 29, 2013 2:19 am 
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"The IFSC is kind of like a back office for London where real thinking and real activities go on".

Prof Jim Stewart TCD school of business on VB last Friday.


Discuss. :P


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PostPosted: Tue Jan 29, 2013 2:47 am 
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Emily wrote:
"The IFSC is kind of like a back office for London where real thinking and real activities go on".

Prof Jim Stewart TCD school of business on VB last Friday.


Discuss. :P


No shit.


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PostPosted: Tue Jan 29, 2013 12:30 pm 
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Emily wrote:
"The IFSC is kind of like a back office for London where real thinking and real activities go on".

Prof Jim Stewart TCD school of business on VB last Friday.


Discuss. :P

Or a place to do the shady stuff you're not allowed to do at home.


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PostPosted: Tue Jan 29, 2013 2:03 pm 
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Emily wrote:
"The IFSC is kind of like a back office for London where real thinking and real activities go on".

Prof Jim Stewart TCD school of business on VB last Friday.


Discuss. :P


It is but tell that to Vincent, who seems to think it a financial megacentre of wealth generation. I would also argue its a back office to EU And states more than London.


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PostPosted: Tue Jan 29, 2013 3:37 pm 
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Uncle Fester wrote:
camroc1 wrote:
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 ?

Except for the fact that Retail Sales volume decreased 0.1% in December 2012 from November 2012 and annual decrease of 1%.

Yep.

Mostly cars, and Department STore sales way up.


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PostPosted: Tue Jan 29, 2013 4:47 pm 
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Yes, they are "way up" because people cut back on spending elsewhere => less spending overall

Recovery celebration is postponed I'm afraid.


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PostPosted: Tue Jan 29, 2013 5:02 pm 
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Uncle Fester wrote:
Yes, they are "way up" because people cut back on spending elsewhere => less spending overall

Recovery celebration is postponed I'm afraid.

Elsewhere being primarily on the purchase of new cars, which money flows, on the whole, straight out of the country.


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PostPosted: Tue Jan 29, 2013 5:04 pm 
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And you think money being spent in Debenhams & Tesco doesn't?


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PostPosted: Tue Jan 29, 2013 5:12 pm 
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Uncle Fester wrote:
And you think money being spent in Debenhams & Tesco doesn't?

How many people are employed in those stores per € 40k spend as opposed to car dealerships ?

You're being disingenuous now Fester, and you know it.


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PostPosted: Sat Feb 02, 2013 11:53 am 
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It appears that we have at least one good politician - an independent, typical.

http://businessetc.thejournal.ie/stephen-donnelly-i-put-your-questions-to-the-troika-heres-what-they-said-779714-Feb2013/

Quote:
Stephen Donnelly: I put your questions to the Troika. Here’s what they said
The independent Wicklow TD met the Troika today, with YOUR questions in hand. Here’s what he was told.
15 hours ago 24,282 Views 143 Comments
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I MET THE TROIKA earlier today. Before the meeting, I asked (via TheJournal.ie and Facebook) what questions people would like put to them. Over 200 replied.

With seven TDs and one hour, I had eight minutes to put my questions, so I tried to cover the most common themes raised.

One of them mentioned to me, during introductions, that he’d been watching the responses on TheJournal.ie with interest. So, even if your question isn’t covered here, rest assured that, at the very least, it’s been seen directly by the Men In Charge. Sadly, the mission chief for the ECB was not present. This was frustrating, as he was the person I wanted to engage with most.

Here’s my synopsis of the questions and answers, asked by you (via me) and by other members of the Technical Group.

Two caveats:

What’s below is a summary based on my hastily written notes, and as such will not be perfectly accurate, and is entirely are open to challenge (I went straight from the Troika to a meeting with David Hall and others on the constitutional challenge to the Promissory Notes, so I’m doing my best on accuracy with a brain that’s pretty stretched for a Friday evening!);
I am intentionally keeping comments non-attributable to individuals.

Q: Do the banks have enough money to deal with distressed mortgages?


A: The three main banks, AIB, BoI and PTSB, have €26 billion between them for this. That’s more than enough. Having these mortgages dealt with is important to the national recovery.

The markets should respond well for two reasons. First, it would reduce the number of people who are financially distressed, thus increasing domestic demand. Second, it would remove uncertainty as to the level of bad debt on the banks’ books. Too few solutions to date have been durable, with too much reliance on short term fixes such as interest-only periods.

Q: What does the Trichet letter to Brian Lenihan say? Can we have a copy?


A: We haven’t seen any such letter which insists Ireland bail out the banks. As to getting access, the ECB is governed by rules as to what it can release.

[Author’s comment: Gavin Sheridan of TheStory.ie has tried to get the letter, but both the ECB and the European Ombudsman are telling him it doesn’t exist.]

Q: Did the Troika have anything to do with the closure of Garda stations, as claimed by Minister Shatter last night?

A: Nope.

Q: Why is competitiveness not being more thoroughly addressed?

A: The issue is hugely important, and Ireland’s lack of competitiveness in certain areas contributes to high prices for the public.

A big impediment is that anti-competitive behaviour can only be addressed as a criminal activity. This requires too high a burden of proof. You need to be able to take civil actions, as in many other countries, which are easier and quicker to process.

Q: What’s your justification for the property tax?


A: It’s the Irish Government’s decision. However, we agree with broadening the tax base and we actually recommended a higher level of tax for it, as it’s a progressive tax.

[Author’s comment: This is a very short account of what turned out to be a rather frank exchange of views between one of the TDs present and several members of the Troika.]

Q: How are you keeping yourselves aware of the austerity being felt in Ireland?


A: We are very aware of the impact of austerity on the Irish people. We track household income, and reference it in the report.

[Author’s comment: They are also aware of various other indicators, such as the ‘What’s Left Tracker’.]

Q: Have you recommended to the Government that budgets and other correction measures should be progressive, rather than the regressive ones of this Government?

A: We are aware of the ESRI report, and its finding that overall, the correction measures are probably regressive. It is worth noting that compared to correction programmes in other countries, Ireland’s is less regressive than many.

We do engage with civil society groups, and get regular input from them on the impacts of the programme measures.

Q: What would happen if Ireland didn’t pay the €3.1bn on 31st March?

A: No comment, no comment, that would be a serious decision.

[Author’s comment: They didn’t actually say ‘No comment’, but I thought I’d skip over the boiler-plate responses that meant the same thing.]

Q: Is it reasonable that Ireland, which has, according to the EC’s own analysis, contributed 42% to the total cost of the Eurozone bank bailout, should borrow from Europe at seven times the cost Greece will now get to borrow?

A: No comment, no comment, no comment. :lol: :lol: :lol: [Author’s comment: as above.]

Stephen Donnelly is an independent TD representing Wicklow and East Carlow.
Read: Technical Group to force Dáil vote on promissory note repayment


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PostPosted: Sat Feb 02, 2013 11:56 am 
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Looks like dribbling nonsense to me. Shame on you, Duff.


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PostPosted: Sat Feb 02, 2013 11:58 am 
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Gavin Duffy wrote:
Looks like dribbling nonsense to me. Shame on you, Duff.


Seems fairly straight forward stuff, which part are you objecting to?


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PostPosted: Sun Feb 03, 2013 10:22 am 
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Good old sindo, poor nama developer being "hounded" by the state over a measly €150,000 ring.

Quote:
Family email alerted Nama to McCabe ring
PRINT EMAIL NORMALLARGEEXTRA LARGE 7 1 0

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By RONALD QUINLAN
Sunday February 03 2013
PRIVATE correspondence sent by the daughter of well-known developer John McCabe using the family's company email account alerted Nama to the existence of his wife Mary's €150,000, 8.38-carat diamond ring, the Sunday Independent has learned.

Efforts by the State's so-called bad bank to take possession of Mrs McCabe's personal jewellery hit the headlines last week after lawyers for the agency were granted orders in the Commercial Court by Mr Justice Peter Kelly to appoint a receiver over it. While Nama's move against Mrs McCabe has been justified on the basis that it is seeking to satisfy some €20m in judgments which it has against her, its determination to get possession of her ring, bracelet and necklace has been met with a mixed response. Indeed, more and more of those involved in the property industry are questioning the lengths to which Nama is prepared to go in its pursuit of some developers, while other high-profile and more heavily indebted developers continue to lead far more lavish lifestyles.

In the case of her jewellery, Mrs McCabe for her part has collectively valued the three items at €140,000. Lawyers for Nama told the court they believe the 8.38-carat diamond ring alone is worth more than €150,000.

Mr Justice Kelly was told by Nama's senior counsel Rossa Fanning last Thursday that the agency was concerned the jewellery might not remain in Mrs McCabe's possession if he decided against granting the order for the appointment of a receiver.

A letter written to Nama by a son of Mrs McCabe had alleged the agency was behaving unfairly in bringing court proceedings over this, but the position of Nama and the taxpayer could be prejudiced if this jewellery was sold, Mr Fanning said.

Nama's belief that the McCabes would seek to sell the jewellery was roundly rejected by close friends of the developer who spoke to the Sunday Independent following last week's court proceedings.

"John and Mary are very ordinary and very decent people. He bought that ring for Mary after years and years of being together. It is a lot of money, but it was a purchase that was made after many, many years of working very hard in his business. It's absolutely awful the way they are being pursued and hounded now. This is public humiliation, and it's being carried out in the name of the State," one long-standing friend of Mr McCabe's said.

Adding to the widespread publicity given to the case were the remarks made last Thursday by Mr Justice Kelly to barrister Alison Keirse, who was in his court on an entirely different matter. Asked by the judge how big an 8.38- carat ring was, Ms Keirse said she didn't know as she had never owned a ring that size.

- RONALD QUINLAN

Originally published in


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PostPosted: Tue Feb 05, 2013 9:25 am 
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Revenge is a dish best served cold....
http://www.irishtimes.com/newspaper/bre ... king9.html

They f**ked with the wrong government.


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PostPosted: Tue Feb 05, 2013 10:18 am 
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That's S&P f**ked surely ?


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PostPosted: Tue Feb 05, 2013 10:27 am 
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Over 10% wiped off the value of McGraw-Hill yesterday. This could open the floodgates on all 3 big rating agencies and personally I hope it does.


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PostPosted: Tue Feb 05, 2013 10:44 am 
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Could never understand why the EU didn't sue the arse off Goldman for fixing the Greek numbers prior to joining the euro. Couple of billion fine may be a drop in the ocean overall but it would make them very careful next time.


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PostPosted: Wed Feb 06, 2013 6:08 pm 
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Rumours on twitter and politics.ie (always take both with a huge pinch of salt). That there is potentially a deal on the promissory notes, talk of emergency legislation to go through the dail tonight on restructuring of IBRC. Not a whole lot of detail but seems each one will be changed to bond of 15 years with lower interest rate.

http://www.rte.ie/news/business/2013/02 ... sory-note/

IBRC to be liquidated supposedly.


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PostPosted: Wed Feb 06, 2013 6:18 pm 
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piaras wrote:
Rumours on twitter and politics.ie (always take both with a huge pinch of salt). That there is potentially a deal on the promissory notes, talk of emergency legislation to go through the dail tonight on restructuring of IBRC. Not a whole lot of detail but seems each one will be changed to bond of 15 years with lower interest rate.

http://www.rte.ie/news/business/2013/02 ... sory-note/

IBRC to be liquidated supposedly.

Interesting if true. Bonds can generally just be rolled over when IR are in our favour, can they not ?


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PostPosted: Wed Feb 06, 2013 6:21 pm 
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camroc1 wrote:
piaras wrote:
Rumours on twitter and politics.ie (always take both with a huge pinch of salt). That there is potentially a deal on the promissory notes, talk of emergency legislation to go through the dail tonight on restructuring of IBRC. Not a whole lot of detail but seems each one will be changed to bond of 15 years with lower interest rate.

http://www.rte.ie/news/business/2013/02 ... sory-note/

IBRC to be liquidated supposedly.

Interesting if true. Bonds can generally just be rolled over when IR are in our favour, can they not ?


Individually yes but the overall indebtedness has to be looked at as well. The hope would be in 15 years time we have a surplus rather than a deficit and can pay some of the bonds back getting our overall debt down to a lower level.


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PostPosted: Wed Feb 06, 2013 7:55 pm 
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RTE saying bonds will range in maturity between 25 and 40 yrs.

Quote:
The bonds, which could replace the promissory notes, would range in maturity from 25 years to 40 years.

It is expected there would be a deficit saving from 2014 onwards of about €1bn.

The €3.1bn annual repayments due under the promissory note would be replaced with significantly lower interest only repayments.


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PostPosted: Wed Feb 06, 2013 8:44 pm 
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If it's at market rate, it's not going to be worth our while.


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PostPosted: Wed Feb 06, 2013 9:30 pm 
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Uncle Fester wrote:
If it's at market rate, it's not going to be worth our while.

It will, as interest only is payable, and as the ECB is holding them, they can be redeemed and reissued if and when interest rates reduce.


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PostPosted: Wed Feb 06, 2013 10:29 pm 
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The Cabinet is meeting to discuss the terms of a potential deal on Ireland's promissory notes, with special sittings of the Dáil and Seanad due to convene afterwards to debate emergency legislation.

IBRC Chairman Alan Dukes has said the board of the former Anglo Irish Bank has been stood down.

However, a spokesperson for the European Central Bank said talks on a possible deal on promissory notes were continuing in Frankfurt.

Under the proposed deal the promissory note would be replaced with a number of bonds, which would have an average maturity of 27 years.

The bonds would range in maturity from 25 years to 40 year


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PostPosted: Wed Feb 06, 2013 10:33 pm 
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The question is who's leaking like a sieve and why ?

The emergency IBRC legislation is as a result of the leaks.


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