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Archive for the ‘Irish Life & Permanent’ Category

Preliminary Report Into Ireland’s Banking Crisis 31 May 2010

After reading the Preliminary Report into Ireland’s Banking Crisis one can only come to the conclusion that Cowen and Lenihan are Guilty of “Gross Incompetence and Dereliction of Duty”
And should resign immediately and be brought before the courts
on charges of economic treason !

Preliminary Report Into Ireland’s Banking Crisis 31 May 2010

House price index (Permanent TSB/ESRI)

Quarter 1, 2010 – Permanent TSB/ESRI Index crashes 10.3% for Dublin

Today sees the publication of the first Permanent TSB/ESRI QUARTERLY house price index which replaces the old monthly index which was suspended following publication of the December 2009 index because of thin sales. The index published today tells us that the price of residential property has fallen by 4.8% since the end of December 2009 to the end of March 2010, ie an average monthly fall of 1.6%. The indication is that the pace of price falls is easing overall. The average price of a property nationwide is now €204,830. However prices in Dublin crashed 10.3% in the quarter which is worse than the 7.5% fall in Q4, 2009.

The National House Price index stood at 91.0 at the end of March 2010. The last time it was at this level was in November, 2002  when it stood at 91.2. The following shows the index since June 1999 at the end of each quarter (Mar, Jun, Sep, Dec).

The Dublin House Price index stood at 83.0 at the end of March 2010. The last time it was at this level was in June, 2002 when it stood at 83.3. The following shows the index since June 1999 at the end of each quarter (Mar, Jun, Sep, Dec). The average price of a property in Dublin is now €250,872.

The Outside Dublin House Price index stood at 95.9 at the end of March 2010. The last time it was at this level was in March, 2003 when it stood at 96.3. The following shows the index since June 1999 at the end of each quarter (Mar, Jun, Sep, Dec). The average price of a property is now €183,309.

So the key questions : are prices still falling? We don’t know by month but it is certainly the case that prices have continued to fall since December 2009 and the rate of fall between Sep-Dec 2009 (quarter) was 8.5% compared with a fall between Dec 2009 and March 2010 (quarter) of 4.8%.

source http://namawinelake.wordpress.com/2010/04/30/quarter-1-2010-permanent-tsbesr-index-crashes-10-3-for-dublin/

we need reform now!

The current Irish Government are responsible for the financial disaster the country is in,
With the establishment of NAMA the Government is trying to socialize the enormous losses that the Banks and their Developer buddies have encored.
Corruption is rife and now a new monster burocratic system is being created, where X politicians will have jobs for life and the same corrupt developers will be able to manipulate the housing market all over again
While the people are being robbed of their homes, savings, pensions, and education for their children, that same gangsters are running the country
This has to stop!
Join the CAB to-day and get things moving
Come on! Get active in your own area now!
We as a country need new faces and not the same old tired faces that have being around using the system to suite themselves.

Tell the people the truth about the Markets & NAMA

Do you really want to know what is really going on in the market place?
Ever heard of the “Rigged Market capitalists system”
Are you ready for this news??
Ernst & Young auditors of Anglo Irish Bank now working for NAMA ,
The same auditors for Lehman Brothers .
This is criminal , allowing this to go on, they should all be in Jail !
We must have a new Irish people’s political party that will stop this fraud in its tracks.
A political party that will prosecute all the individuals responsible for this criminal conspiracy
They must be brought to justice
We the people must have our pound of flesh!

overly optimistic Irish Government’s plan

By Sarah Collins in Brussels

Thursday March 18 2010

IRELAND’S plans to bring spending and borrowing under control may require deeper cuts than previously forecast, the European Commission said yesterday, as it demanded that Finance Minister Brian Lenihan take action on public sector pensions and provide more details about plans for further cuts over the next few years.

The commission said in the report that the Government’s plan to slash the budget deficit by eight percentage points over the next four years is overly optimistic and lacks detail. Ireland is currently running a budget deficit that is four times the EU’s limit but has promised to bring it below 3pc of gross domestic product by 2014.

“The budgetary outcomes could be worse than targeted in 2010 and considerably worse than targeted thereafter,” said the report.

“The authorities should stand ready to take additional measures beyond the planned consolidation packages in case growth turned out to be lower than projected in the programme.”

The biggest problem is the Government’s prediction that the economy will expand 3.3pc next year.

The commission’s forecast sees the economy growing by just 2.6pc.

The commission also says there are risks the 2010 Budget could fall victim to spending “slippages”, not least because of injections that could be called in to shore up the country’s banks.

Mr Lenihan did not set aside money to pay for any further cash injections into the country’s banks this year, despite widespread expectations that Allied Irish Banks, Bank of Ireland and Anglo Irish will all require billions of euros.

EU officials said Ireland’s adjustment process will be “rather drawn out” and that emigration and high interest rates on government debt could wear on the economy. The present plans would only stabilise government debt by 2020.

“Specific additional risks relate to the government’s bank guarantees to support the financial sector, which, if called, would lead to increases in deficit and debt,” it says.

It also told the Department of Finance to spell out how it will slash the deficit by three percentage points in 2012 and a further two points in 2013 and 2014 to bring it below the EU’s limit.

The department also needs to provide more data to explain some of its calculations, it adds. Revenue and expenditure projections are “technical” rather than being targets, it says.

“From 2011 on, taking into account the risks to the deficit targets, the budgetary strategy may not be consistent with the (EU) recommendation. In particular, the deficit targets for 2011-2014 need to be backed up by concrete measures and the plans for the entire period need to be strengthened,” the report says.

The call for the Government to strengthen the “binding nature of the medium-term budgetary framework” appears to be a demand for Ireland to make plans beyond the traditional scope of budgets here.

A government spokesman said yesterday that specific extra cuts or tax rises would be announced in relevant budgets, when it would take account of the then-prevailing economic circumstances.

The commission says the Government should introduce more public sector pension reform to improve the long-term sustainability of the public finances.

“The long-term budgetary impact of ageing is clearly higher than the EU average,” the report says.

The report adds that the Government should also consider plugging holes in the budget by widening its tax base. It says the effects of the new carbon tax will be negated by cuts in VAT rates.

“The sharp decline in revenue recorded in the context of the housing market correction and the wider recession has revealed some vulnerabilities of the Irish tax system, such as a narrow tax base and a high reliance on taxing transactions in assets,” the report says. Ireland is one of 20 member states under increased scrutiny by the EU executive for running up a deficit that exceeds the bloc’s limit.

Countries are legally bound to maintain deficits – the shortfall between revenue and spending – below 3pc of gross domestic product and keep gross debt – the amount the government borrows to finance the shortfall – below 60pc of GDP. Ireland’s deficit last year was 11.6pc of GDP, while debt rose to 64.5pc, both above EU thresholds.

In April last year Brussels gave the Government until 2013 to bring the deficit back into line but extended the deadline last December.

– Sarah Collins in Brussels

Irish Independent

Don’t buy just yet!


I see that the
Permanent TSB property price survey will be published on a quarterly basis from now on, the reason was “not enough mortgages are being issued to provide accurate monthly data”.

Yet we have an advertising campaign from Bank of Ireland claiming that 100 mortgages are been approved every day just from them!

Now who in their right mind will believe anything they say?

If you are in the market for a house, hold on to your money and you will be able to buy that house for at least 35 % cheaper this time next year !

Don’t say I didn’t warn you!

Irish Life Mortgage’s Up-date

Irish Life & Permanent said it will raise the rate on its standard variable mortgage by 0.5pc from February 1, citing the “high cost” of funds required to finance its mortgage loan book.

“As has been previously advised to the market,” Irish Life’s banking unit Permanent TSB “is facing significant financial challenges,” the lender said in a statement today. The “high cost of funds continues to pose challenges.”

Irish Life said the change in the rate will affect just under 80,000 residential mortgage customers

Machholz comment

So these crooks are going to fleece their customers again and the Government are just going to sit back and let it happen!

I suggest that all the customers get together and picket the Head offices in Dublin and keep the picket on until they are forced to withdraw the last two hikes

All the customers could form a union and as such would oblige other unions to stand with them

Remember we the people are the real masters of our own destiny

come on we are 80,000 strong  lets show them!

 

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