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By CHARLIE WESTON
There are 96,500 residential mortgage accounts that are three months or more in arrears. Many of these homeowners are never going to be able to get back to a situation of meeting their full monthly repayments, never mind their other debts
Just four debt deals involving mortgage borrowings were done a full year after the new Insolvency Service of Ireland was launched. This begs the question, was the new service designed to work at all?
There is a crying need for debt relief for ordinary households – unpalatable though that is for those who were careful not to over-borrow during the property boom.
The troika demanded that the Government put a process in place to resolve this household debt mess.
The Insolvency Service of Ireland (ISI) was the solution that the Government, and specifically Justice Minister Alan Shatter, came up with.
Mr Shatter rejected all advice, when he was steering legislation setting up the ISI through the Oireachtas, that a system that gives the banks an effective veto over all insolvency deals was not fit for purpose.
It now looks as if events have proven Mr Shatter wrong and his critics right. He promised, when he launched the ISI, that he would reform it if it was seen to be failing. He needs to act on that promise.
Advocacy groups for those in mortgage arrears claim that banks are now frustrating ISI deals because they lose all control with these…
full article at source: http://www.independent.ie/opinion/columnists/charlie-weston/something-fishy-about-insolvency-solutions-30154305.html
Orders will assist government to assemble records and care for former residents still in their care, but won’t pay
The 4 religious orders responsible for running the Magdalene Laundries have told the government they won’t contribute to the fund set-up to compensate survivors.
The Irish Times reports that the Mercy Sisters, the Sisters of Our Lady of Charity, the Sisters of Charity, and the Good Shepherd Sisters have told the Justice Minister they will not pay into the fund, which could cost up to €58 million.
However, it’s believed the orders will assist the government in assembling records and they’ll continue to look after former residents who remain in their care.
Minister Alan Shatter is due to brief his Cabinet colleagues on the issue this morning.
Chief-Executive of Barnardos, Fergus Finlay, says the government should insist that the orders pay compensation:………………………
full article at source: http://www.newstalk.ie/reader/47.301/11586/-/
**In memory of a dear friend Kathleen Keegan .RIP.**
Q. What has Alan Shatter T.D. Minister for Justice and Defence in the Republic of Ireland got in common with the former Soviet Union?
A. He believes in releasing criminals from prison prematurely so that society can become even more unstable thus destroying the morale of the police force the army and the general populace at large.
see also :http://www.herald.ie/news/early-release-plan-for-inmates-lashed-by-victims-families-3096347.html
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In terms of top prize for political incompetence in 2011, you’d be hard-pressed to find a better example than the farce that has surrounded the issue of Upward Only Rent Reviews (UORR) in commercial leases; remember both Labour and Fine Gael had promised to abolish UORR terms in existing commercial leases so that tenants would no longer have to pay rents which were set in better economic times, and particularly at the peak of the Celtic Tiger when commercial rents were twice today’s levels.
The commitment stymied the commercial property market where transactions dried up as neither buyer nor seller knew what rental terms would apply after the Government’s intervention. And Minister for Justice, Equality and Defence Alan Shatter issued frequent updates where he re-affirmed the commitment, and for many months the stock response to requests for updates from the justice ministry was that a bill would be brought before the Oireachtas before Christmas 2011. And a framework including detailed legislative provisions went to the Attorney General in October 2011.
full article at source: http://namawinelake.wordpress.com/2011/12/22/fine-gael-called-liars-in-metre-high-lettering-on-grafton-street-premises/
I am not surprised this shower are only looking after the many landlords sitting in the Dail .
Rent supplements are keeping the property prices artificially high and I am surprised that the IMF hasn’t demanded that the government cut this subsidy to private landlords. Property prices are set to fall a lot further as this new penal tax on people’s homes will deter new owners and may even prompt others to sell out of the rental property business for good .I stated in a posting two years ago that we would see Dublin apartment prices come down to the mid thirties (thirty five thousand Euros) Well a friend of mine told me he sold a one bedroom apartment for 47,500 including a park space two months ago and he is convinced that we will see apartments in the mid twenties in two years time .I would agree with him. I am currently living in Germany and I am renting a one bedroom apartment for 300 Euros a month and 100 extra for heating. I could buy this apartment for 42,500 and this would be in a similar area to D4 in Dublin! Around the corner there is a house with 3 bedrooms and I could buy this for 123,000 and I might get it for 115,000 if I had cash!
I cannot see any improvement in Ireland as long as we have incompetent political gangsters running the country we need a new revolution and cleaned all these public leaches out of the system a new political setup must be brought about centred on the needs of the ordinary citizen and not on the servants of the people as they call themselves. Cronyism must be stamped out.
I do believe that eventually the people will rise up but then even I will be surprised at the extent of the violent reaction against the political leaches that are now sucking the country dry and the collaborators, eager to serve the corrupt moneymen in Europe. The people will have their day they always do eventually so Fine Gael you are been warned the day of reckoning is coming !
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By Ken Foxe
Brendan Howlin, the Minister responsible for overseeing a pay cap for special advisers, tried repeatedly to come to a compromise agreement on the pay of Ciaran Conlon.
The negotiations over the bumper salary of €127,000 that was finally set out for Mr Conlon show that Brendan Howlin had serious concerns about it and did not believe it could be justified under any circumstances.
He also said it would set a poor example and would provoke other Ministers into seeking higher pay for their advisers, or ask for salaries – that were already agreed – to be renegotiated.
full article at source:http://thestory.ie/2011/12/20/howlins-compromise-on-pay-rejected-by-the-taoiseach/
On the bases of this information there should now be a full independent investigation into what if any undue influence or conflict of interest this bizarre action by Mr Kenny has .This whole business stinks to high heaven and smacks of payback big time! This must be challenged; Kenny must answer to the people why this man can command this king of salary when the vast majority of the people are scraping by just to put food on the table! How long more are the people of Ireland going to allow this kind of blatant cronyism continue????
Minister for Justice Alan Shatter has said the increasing number of prisoners being committed to custody is the greatest challenge facing the Irish Prison Service.
The IPS Annual Report shows there were over 17,000 committals to prison in 2010 – an increase of over 11% on the 2009 total.
Minister Shatter said this was having a knock-on effect on the high number of prisoners on temporary release.
The report also shows that committals under sentence of less than three months increased by 27% last year.
The Department of Justice said this increase can be attributed to a rise in the numbers committed for non-payment of court ordered fines in 2010.
There were over 6,000 such committals in 2010 – an increase of 39%
Why are we even putting up with this crap?What kind of justice is this? The poor and the down trodden get pushed into jail; while the fat cat gangsters from the Banks and the
building industry stay in their trophy homes and piss of the Switzerland and places like it .These figures prove that there is one law for the rich and one for the poor. We need a movement from the ground up that will remove this sham of a republic that only looks after insiders. First action should be for all of us to refuse to pay our mortgages now.
The politicians bailed out their pals in the building industry and the banks but the ordinary Joe soap can get stuffed and put into prison if he does not pay his TV licence. Time to call a halt to this obvious scam!
People of Ireland wake up now and take back our country from the mouthpieces of “Austerity for the poor“!
Property powerhouse and NAMA valuation panel member, CB Richard Ellis (CBRE) yesterday published its quarterly overview of the retail property sector in Ireland. It’s a funny old report as it mixes together some statistics on retail generally and elsewhere confines its reporting to shopping centres or indeed two streets. Whilst a little light on detail, it concludes that rent levels are still falling, though at a reduced pace and average retail rents in Ireland are now down 50% from peak levels in 2007. The note also claims that rent levels continue to come under pressure which suggests further declines in the short term at least.
The report confirms the challenging environment faced by retailers with retail sales excluding cars down 5% year-on-year (car sales benefited from a scrappage scheme which has distorted buying behaviour). Footfall on two ofDublin’s main shopping streets,Grafton StreetandHenry Streetis down 4-10% year on year, suggesting there are fewer customers. On a more positive note,Irelandhas attracted the presence of more global brands.
As regards capital values, the report cites the IPD property index which for retail premises indicates that prices are some 65% off peak levels. There was not one single retail investment transaction in Irelandin Q1, 2011 according to the report and although not stated, the inference is that sales transactions have tailed off across all retail sectors.
The reason? The challenging general economic conditions can’t be helping but the report identifies the proposed (or “threatened” or “committed to”, depending on which side of the debate you stand) abolition of Upward Only Rent Review (UORR) leases which may mean that commercial tenants see their rents falling to open market rents. UORR leases may have rent levels twice that of current open market rents. The Society of Chartered Surveyors in Ireland yesterday called for urgent clarification of intentions in respect of the issue from the justice minister, Alan Shatter.
Interestingly the report concludes that vacancy levels are more or less stable, with vacancy on the two survey Dublin Streets actually dropping considerably in the last 12 months. Because the report seemingly examines shopping centre and retail park vacancy, it is unclear if the “stable” claim applies across the board. Certainly many towns up and down the country seem to have no shortage of vacant premises, though these will not be in shopping centres.
And lastly, the report seems to adopt a curious position on the IMF/EU Memorandum of Understanding commitment for Q3, 2011 “the government will conduct a study on the economic impact of eliminating the cap on the size of retail premises with a view to enhancing competition and lowering prices for consumers and discuss implementation of its policy implications with the Commission services” (PDF page 79). CBRE say “in our opinion, eliminating the current cap would not necessarily enhance competition or lower prices for consumers” No evidence is offered in support of that opinion.
Since retailers are paying 50% less in costs when are the prices coming down in the shops?