Good Morning all out there in Webland.The News from Ireland is
not great and is bordering on grim!
After the company Aviva called all its workers to a “Meeting” and after a heated presentation the workers were in effect left in limbo according to Kevin
Hough of the Galway advertiser .This is just the start as I believe we are about to see a massive rationalization of the financial industry.AIB Bank of Ireland and Irish life and Permanent not to forget the up to two thousand staff in Anglo Irish Bank still pushing papers from one end of their desks to the other all day for nothing .In case you have
forgotten all these are in fact quasi civil servants and I believe the taxpayers of the country are going to pay a heavy price to offload these now surplice to requirement staff. I
reckon we could see up to 12,500 staff layoff in the coming year from the
financial sector. Watch this space, I hear rumblings and there are getting louder!
Last week I approached the local friendly Bank manager with a prepossession
to buy a commercial building in Dublin a proposition that was self
financing .I was in a position to raise 35% of the required capital and the
rental income was netting a 12.5% return on the latest agreed lease
arrangements with the current tenant. After a promise to get back to me I
called the said manager at home last evening only to be told that the manager
could not secure the loan facility as the bank could not supply the funds .I
called to the local car dealership looking for a seven seater we are getting
rid of two cars and downsizing to one family car. Having asked how business was
going the sales person told me customers are not able to get any funds from the
banks, one well established business man was refused an 8,000 euro loan for a commercial second hand car.This is just one of many such stories I am hearing from around the town .The main roads are empty there is noticeable very little traffic on the roads and the shops are empty. Apart from the shops that have closed down there is one
good news story a new deli shop is about to open (Brave investor! see photos)I
called into a few shops and got the same story costs (rates, water charges etc)
are up and punters are as scarce as the proverbial abominable snowman ..On the
Marlton road the works are continuing at a snail’s pace but still going forward
we should have a joined up footpath by Christmas!
Well the really good news is the lottery wasn’t won and I am off to get me ticket