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 !
Archive for the ‘Irish Life & Permanent’ Category
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%.
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!
By Fergal O’Brien
Friday January 29 2010
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
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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