The PR for the banks to stop the “no consent, no sale” Bill to stop them selling mortgages to vultures unless the borrower gave their consent, is frightening. RTE covered the objections by the Central Bank and Dept of Finance yesterday but didn’t report the rationale for the Bill in the first place, that’s fishy. RTE has barely covered the sale by AIB of €1 billion of loans to vulture Cerberus this week, and if you tuned into RTE’s News at One yesterday, there was a flagship ad in the first ad break from …….. AIB (about Brexit)! It stinks.
The Bill is supported by nearly all the Opposition (that’s nearly 100 out of 158 TDs). So, in the interest of democracy, this is what the Shinners said yesterday
“”It seems a lot of bankers have been upset at the idea they would have to ask the borrower whether they are allowed to sell their loan to a vulture fund.
“There has been a lot of spin from the Department of Finance and the banks that this legislation is unconstitutional. However, the committee has received its own legal opinion as part of the pre-legislative scrutiny stage, and it does not state this is unconstitutional.
“We were also told this would need a money message. This doesn’t stand up as we got a preliminary determination from the Houses of the Oireachtas which states that it doesn’t.
“The Department of Finance and the Central Bank were before us today in committee, and in two weeks’ time we will have advocates in the form of the Irish Mortgage Holders organisation and FLAC (Free Legal Advice Centres) coming before us.
“I am delighted that we have a majority so far in the Dáil. I hope that that is maintained throughout the scrutiny in committee and report stage.”
Jake38
This bill represents the finest in Shinner populist voodoo economics.
eoin
Supported by nearly all the Opposition (SF, Fianna Fail, Labour, Greens, Soc Dems, I4C).
The government, supported by recently convicted criminal Michael Lowry, opposes it.
Yeah, “populism”
GiggidyGoo
Aren’t SF the ones that corrected Noonan on the ‘Fiscal Space’ FG Leprechaun economics never add up. Unless of course there’s someone on the sidelines to provide some advice or service.
Qwerty123
Bank sell these loans due to regulatory rule changes since the last crash. They are hammered with capital charges against these higher risk weighted assets. Once they sell, they can free up capital and lend again to business and prospective homebuyers, who hopefully will repay their loans. If not cycle repeats.
There are already lots of rules on selling the principal private home, so these ‘vultures’ still have to abide by these once loan sold. Which means no new entrants to Irish market and higher interest rates due to the increased risk.
Jake38
Exactly. Shinner populist voodoo economics.
Johnny
No-the funds are not the loan services are,it’s a myth a mirage an illusion,a slight of hand a three card monty,we were absolutely assured that NAMA socializing commercial loans would ‘fix’ that market.
Allowing banks lend again,getting housing built,it’s all lies.Dont believe a word FG says about banking or business, they are complete incompetent,can’t even build a hospital,lies,spin and card tricks.
eoin
“The State’s battle with the Quinn family has cost the public up to €170 million in legal and other fees, missing rental incomes, and other money that has gone astray, according to informed sources…A scheme involving a Russian asset-recovery group [the KGB-backed Alpha Group, are they the novichok people?], which did not proceed as planned, cost the State-owned entity approximately €25 million…Rent which was collected but which went missing, as well as other missing monies, total a further €60 million to €70 million, according to the sources.”
reports the Irish Times today. Does that make IBRC, the special liquidators and the Department of Finance under Noonan and Donohue the most incompetent shower of total eejits to ever grace our Land?
GiggidyGoo
Wasn’t FG Alan Dukes at the helm during the winding up?
SB
I’d rather blame the intransigence of the Quinn family – on top of already costing the taxpayer billions, aswell as increasing the cost of every single insurance, they fight this tooth and nail when they knew they didn’t have a leg to stand on. The same greed that caused their troubles in the first place, and ended up fuelling the recession.
They should instead be putting their hands up and, if they ‘happened’ to know of any offshore assets they’d ‘forgotten’ about, handing them over.
Johnny
-the dogged and bloodyminded pursuit of Sean Quinn and family over private debts,that financially illiterate politicians nationalized is an absolute shame and disgrace.
-he has NEVER been subject to any tribunal-unlike Dennis O’Brien-are the CAB still looking into the Morriraty report-yeah right.
-INM has to have outside examiners the place is so rogue,with journalists,barristers and prominent opponents of Dennis O’Brien’s personal and confidential info,possibly compromised,the place was crawling with spooks,private security types,it’s a national newspaper FFS !
-now how many govt contracts is DOB involved in today,how many is Mr. Quinn involved in,how many inquiries-Siteserv,INM…..
-how many assets did NAMA sell to O’Brien,what did he pay for his hundreds millions loans from IRBC,both of which you guys own-you may as well set up few more inquires today for broadband,children’s hospital….
All best Sean Quinn,hopefully you get back creating jobs and wealth in a long neglected part of Ireland.
eoin
Very little coverage today of this bombshell from Simon Coveney in the Dail yesterday. It’s good news for renters but will drive more landlords out of the market, especially in areas where property prices are still increasing.
“The Government today decided to extend rent pressure zones until the end of 2021 and to change how the qualification criteria for how rent pressure zones are calculated, essentially to separate Dublin from the rest of the country because rents are much higher in Dublin and, therefore, the qualification criteria of having to be above the national average needs to change for outside of Dublin. The Minister for Housing, Planning and Local Government, Deputy Eoghan Murphy, will outline the changes agreed today at Cabinet in some detail in the coming days.”
Starina
when landlords are “driven out of the market”, the houses don’t just disappear into the ground. It’s a good thing, as it’s less of a monopoly by property-hoarding landlords and gougers who think housing is a commodity.
SOQ
The argument is that landlords are somehow doing a social good by elbowing others out of the property market but given how many TDs fall into this bracket, it is no surprise this spin keeps getting trotted out.
With the highest rent prices in history, if someone cannot make a profit then by this stage they should not be in the game. Even if they have a mortgage, and a lot of them don’t, the repayments have not risen so any rent increases over the past number of years is free money.
eoin
The house certainly doesn’t disappear from the housing stock, but if the current landlord decides to sell, he evicts the current tenants because a vacant possession house is worth more (possibly 20% more). All I’m saying above is, the extension of RPZs to 2021 and the extension of the 4% caps to most of the country (once you exclude Dublin from the calculation of the minimum threshold for a RPZ) means landlords will tend to sell up.
Cian
Have the landlords abandoned Dublin since the RPZ was introduced?
eoin
I think the total number of properties rented in the private sector has declined since RPZs were introduced, at least that’s what the RTB says. I think new restrictions and regulations will tend to deter landlords.
Rep
So to confirm, more protection to homeowners with regards the bank = good, more protection to renters with regards homeowners = bad?
eoin
Not at all, renters need more protections and tomorrow, the Opposition will try to get through a Bill which will freeze rents and prevent evictions by landlords on the grounds of selling. Hopefully, it will pass to the next stage.
All I’m saying is, the reality of imposing more protections will deter landlords. What’s needed is (1) more supply and (2) in the interim, more carrots for landlords.
Cian
the Opposition will try to get through a Bill which will freeze rents and prevent evictions by landlords on the grounds of selling.
If this looks like it will pass, then your prediction of landlords leaving the market will come to pass. I reckon that this would trigger a huge sell-off of rental property – especially #2 . An a lot of landlords would want to get out before that clause was introduced.
eoin
Front page of the Telegraph, May’s Cabinet votes 14-10 to keep no deal alive or, to put it another way, the majority of the Cabinet are in opposition to Theresa. She makes a desperate plea to Corbyn. She wants an unspecified further extension. We must be at the crash-and-burn stage of the chaos in the UK.
Meanwhile, a poll from reputable polling company ComRes says a majority want a no deal Brexit.
Hard to believe Goldman Sachs still puts chances of no-deal at 15%.
SOQ
New ComRes polling commissioned by Leave Means Leave yesterday… on a pro Brexit website?
Rep
Virtually every poll has people remaining in the lead but well done on finding a poll that fits your narrative
SOQ
ComRes surveyed 2,030 GB adults ONLINE between 22nd and 24th March 2019- which also means nobody in NI.
bisted
…virtually every poll may be wrong…as opposed all polls being wrong at the time of the referendum…
Jake38
House of Commons arithmetic getting tighter. Shinner abstention could be the decider in a no-deal crash out Brexit. Resulting chaos suits them nicely.
Johnny
You sound surprised that politicians and a political party has principles,after campaigning and winning these seats in fair and open elections,they should should like lash in now have a quick vote…
How old are seriously,it’s non stop with the anti SF stuff,are you getting paid do this or just some fecking loser.
edalicious
May is only asking Corbyn to get involved to spread some of the fallout from the absolute pooshow that is Brexit. If Corbyn gets involved, she can tell the public that Labour share the blame for any negative outcomes and, even if Corbyn calls her on it and refuses to touch it, she can blame the whole thing on Labour by saying that it’s their fault for not helping out. It’s kind of genius but bangs of last-minute, “we’re taking you down with us” desperation.
johnny
hm-let me think now who’s partner is this , would it be Sean Quinn’s or FG’s Dennis O’Brien and Digicel,no,no can’t be….
Center right me ar*e,far,far right more like it.
“Not so Dublin, Ireland’s capital and a major European tech hub. The government there, led by the centre-right Fine Gael party, has not even hinted of any national security concerns associated with Huawei, which has repeatedly denied that it shares information with the Chinese government.”
In Ireland, however, Huawei is unburdened by such scrutiny as it helps lead the roll-out of the country’s 5G network alongside local telcos Eir and Vodafone, and invests in research and development.
Huawei Ireland chief executive officer Jijay Shen, speaking at February’s Mobile World Congress in Barcelona, noted that the Irish government was “extremely supportive” of the company’s activities there.”
Note-Dennis O’Brien was keynote speaker at this conf it was in middle of ‘your so vain’ trial.
-lovely, you cant make this up,FG has be most incompetent govt in Irish history and thats saying something.
“Emails obtained by the South China Morning Post under Ireland’s freedom of information law also show that concerns about Huawei’s involvement in the university sector have rippled below the surface.”
If you were a Chinese telco whose product was being shunned by some of the major world’s economies, how much would you be willing to pay to a controversial fixer, who had long-established links to the FG government, to smooth over any concerns with a key EU economy?
And separately, good to know Trinity has no qualms continuing to accept funding from a company that has been banned at Oxford, Stanford and Berkeley.
johnny
Thanks thought you’d ‘get it’ here is a deep dive into China/Digicel’s partnership/activities in Trinidad and Tobago, this is not going have a happy ending for him….
They are partnering up in Ireland,this is a significant threat to Irelands security and appeal as a Euro tech center it needs be on FGs radar-yank firms will pull out or not go there,state dept will act they will and it wont be pretty.FG needs get its act together,yesterday.
“In the telecommunications sector, the Chinese firm Huawei, as well as its Chinese rival ZTE, has established a strong position in the Trinidad and Tobago market. Huawei performs infrastructure work for the Irish telecommunications provider Digicel, as well as for TSTT, in which the Trinidad and Tobago government is the majority (51 percent) partner. Huawei has also been successful in selling its smartphones and other telecommunications devices in the local market. Thus, in terms of both phones and the lines that carry their data, virtually all sensitive, proprietary and personal data transmitted by Trinidad and Tobago government personnel, local and foreign businessmen, and others in the country, passes through Huawei hardware at some point in its journey.”
In a galaxy far far way the UK just released:
“HUAWEI CYBER SECURITY EVALUATION CENTRE (HCSEC) OVERSIGHT BOARD
ANNUAL REPORT
2019
A report to the National Security Adviser of the United Kingdom March 2019”
Which resulted in todays WaPo editorial-Ireland is going it alone here,for Dennis O’Brien ?
“Britain will be making decisions soon about its strategy for 5G communications. Huawei is already largely excluded from U.S. networks, and in recent years, U.S. allies have been urged to avoid putting the company’s products at the core of future networks. Those warnings should be heeded. Sometimes it is important to believe what you hear — and the latest from London is not reassuring.”
The PR for the banks to stop the “no consent, no sale” Bill to stop them selling mortgages to vultures unless the borrower gave their consent, is frightening. RTE covered the objections by the Central Bank and Dept of Finance yesterday but didn’t report the rationale for the Bill in the first place, that’s fishy. RTE has barely covered the sale by AIB of €1 billion of loans to vulture Cerberus this week, and if you tuned into RTE’s News at One yesterday, there was a flagship ad in the first ad break from …….. AIB (about Brexit)! It stinks.
The Bill is supported by nearly all the Opposition (that’s nearly 100 out of 158 TDs). So, in the interest of democracy, this is what the Shinners said yesterday
“”It seems a lot of bankers have been upset at the idea they would have to ask the borrower whether they are allowed to sell their loan to a vulture fund.
“There has been a lot of spin from the Department of Finance and the banks that this legislation is unconstitutional. However, the committee has received its own legal opinion as part of the pre-legislative scrutiny stage, and it does not state this is unconstitutional.
“We were also told this would need a money message. This doesn’t stand up as we got a preliminary determination from the Houses of the Oireachtas which states that it doesn’t.
“The Department of Finance and the Central Bank were before us today in committee, and in two weeks’ time we will have advocates in the form of the Irish Mortgage Holders organisation and FLAC (Free Legal Advice Centres) coming before us.
“I am delighted that we have a majority so far in the Dáil. I hope that that is maintained throughout the scrutiny in committee and report stage.”
This bill represents the finest in Shinner populist voodoo economics.
Supported by nearly all the Opposition (SF, Fianna Fail, Labour, Greens, Soc Dems, I4C).
The government, supported by recently convicted criminal Michael Lowry, opposes it.
Yeah, “populism”
Aren’t SF the ones that corrected Noonan on the ‘Fiscal Space’ FG Leprechaun economics never add up. Unless of course there’s someone on the sidelines to provide some advice or service.
Bank sell these loans due to regulatory rule changes since the last crash. They are hammered with capital charges against these higher risk weighted assets. Once they sell, they can free up capital and lend again to business and prospective homebuyers, who hopefully will repay their loans. If not cycle repeats.
There are already lots of rules on selling the principal private home, so these ‘vultures’ still have to abide by these once loan sold. Which means no new entrants to Irish market and higher interest rates due to the increased risk.
Exactly. Shinner populist voodoo economics.
No-the funds are not the loan services are,it’s a myth a mirage an illusion,a slight of hand a three card monty,we were absolutely assured that NAMA socializing commercial loans would ‘fix’ that market.
Allowing banks lend again,getting housing built,it’s all lies.Dont believe a word FG says about banking or business, they are complete incompetent,can’t even build a hospital,lies,spin and card tricks.
“The State’s battle with the Quinn family has cost the public up to €170 million in legal and other fees, missing rental incomes, and other money that has gone astray, according to informed sources…A scheme involving a Russian asset-recovery group [the KGB-backed Alpha Group, are they the novichok people?], which did not proceed as planned, cost the State-owned entity approximately €25 million…Rent which was collected but which went missing, as well as other missing monies, total a further €60 million to €70 million, according to the sources.”
reports the Irish Times today. Does that make IBRC, the special liquidators and the Department of Finance under Noonan and Donohue the most incompetent shower of total eejits to ever grace our Land?
Wasn’t FG Alan Dukes at the helm during the winding up?
I’d rather blame the intransigence of the Quinn family – on top of already costing the taxpayer billions, aswell as increasing the cost of every single insurance, they fight this tooth and nail when they knew they didn’t have a leg to stand on. The same greed that caused their troubles in the first place, and ended up fuelling the recession.
They should instead be putting their hands up and, if they ‘happened’ to know of any offshore assets they’d ‘forgotten’ about, handing them over.
-the dogged and bloodyminded pursuit of Sean Quinn and family over private debts,that financially illiterate politicians nationalized is an absolute shame and disgrace.
-he has NEVER been subject to any tribunal-unlike Dennis O’Brien-are the CAB still looking into the Morriraty report-yeah right.
-INM has to have outside examiners the place is so rogue,with journalists,barristers and prominent opponents of Dennis O’Brien’s personal and confidential info,possibly compromised,the place was crawling with spooks,private security types,it’s a national newspaper FFS !
-now how many govt contracts is DOB involved in today,how many is Mr. Quinn involved in,how many inquiries-Siteserv,INM…..
-how many assets did NAMA sell to O’Brien,what did he pay for his hundreds millions loans from IRBC,both of which you guys own-you may as well set up few more inquires today for broadband,children’s hospital….
All best Sean Quinn,hopefully you get back creating jobs and wealth in a long neglected part of Ireland.
Very little coverage today of this bombshell from Simon Coveney in the Dail yesterday. It’s good news for renters but will drive more landlords out of the market, especially in areas where property prices are still increasing.
“The Government today decided to extend rent pressure zones until the end of 2021 and to change how the qualification criteria for how rent pressure zones are calculated, essentially to separate Dublin from the rest of the country because rents are much higher in Dublin and, therefore, the qualification criteria of having to be above the national average needs to change for outside of Dublin. The Minister for Housing, Planning and Local Government, Deputy Eoghan Murphy, will outline the changes agreed today at Cabinet in some detail in the coming days.”
when landlords are “driven out of the market”, the houses don’t just disappear into the ground. It’s a good thing, as it’s less of a monopoly by property-hoarding landlords and gougers who think housing is a commodity.
The argument is that landlords are somehow doing a social good by elbowing others out of the property market but given how many TDs fall into this bracket, it is no surprise this spin keeps getting trotted out.
With the highest rent prices in history, if someone cannot make a profit then by this stage they should not be in the game. Even if they have a mortgage, and a lot of them don’t, the repayments have not risen so any rent increases over the past number of years is free money.
The house certainly doesn’t disappear from the housing stock, but if the current landlord decides to sell, he evicts the current tenants because a vacant possession house is worth more (possibly 20% more). All I’m saying above is, the extension of RPZs to 2021 and the extension of the 4% caps to most of the country (once you exclude Dublin from the calculation of the minimum threshold for a RPZ) means landlords will tend to sell up.
Have the landlords abandoned Dublin since the RPZ was introduced?
I think the total number of properties rented in the private sector has declined since RPZs were introduced, at least that’s what the RTB says. I think new restrictions and regulations will tend to deter landlords.
So to confirm, more protection to homeowners with regards the bank = good, more protection to renters with regards homeowners = bad?
Not at all, renters need more protections and tomorrow, the Opposition will try to get through a Bill which will freeze rents and prevent evictions by landlords on the grounds of selling. Hopefully, it will pass to the next stage.
All I’m saying is, the reality of imposing more protections will deter landlords. What’s needed is (1) more supply and (2) in the interim, more carrots for landlords.
the Opposition will try to get through a Bill which will freeze rents and prevent evictions by landlords on the grounds of selling.
If this looks like it will pass, then your prediction of landlords leaving the market will come to pass. I reckon that this would trigger a huge sell-off of rental property – especially #2 . An a lot of landlords would want to get out before that clause was introduced.
Front page of the Telegraph, May’s Cabinet votes 14-10 to keep no deal alive or, to put it another way, the majority of the Cabinet are in opposition to Theresa. She makes a desperate plea to Corbyn. She wants an unspecified further extension. We must be at the crash-and-burn stage of the chaos in the UK.
Meanwhile, a poll from reputable polling company ComRes says a majority want a no deal Brexit.
https://order-order.com/2019/04/02/public-shifts-favour-no-deal/
Hard to believe Goldman Sachs still puts chances of no-deal at 15%.
New ComRes polling commissioned by Leave Means Leave yesterday… on a pro Brexit website?
Virtually every poll has people remaining in the lead but well done on finding a poll that fits your narrative
ComRes surveyed 2,030 GB adults ONLINE between 22nd and 24th March 2019- which also means nobody in NI.
…virtually every poll may be wrong…as opposed all polls being wrong at the time of the referendum…
House of Commons arithmetic getting tighter. Shinner abstention could be the decider in a no-deal crash out Brexit. Resulting chaos suits them nicely.
You sound surprised that politicians and a political party has principles,after campaigning and winning these seats in fair and open elections,they should should like lash in now have a quick vote…
How old are seriously,it’s non stop with the anti SF stuff,are you getting paid do this or just some fecking loser.
May is only asking Corbyn to get involved to spread some of the fallout from the absolute pooshow that is Brexit. If Corbyn gets involved, she can tell the public that Labour share the blame for any negative outcomes and, even if Corbyn calls her on it and refuses to touch it, she can blame the whole thing on Labour by saying that it’s their fault for not helping out. It’s kind of genius but bangs of last-minute, “we’re taking you down with us” desperation.
hm-let me think now who’s partner is this , would it be Sean Quinn’s or FG’s Dennis O’Brien and Digicel,no,no can’t be….
Center right me ar*e,far,far right more like it.
“Not so Dublin, Ireland’s capital and a major European tech hub. The government there, led by the centre-right Fine Gael party, has not even hinted of any national security concerns associated with Huawei, which has repeatedly denied that it shares information with the Chinese government.”
In Ireland, however, Huawei is unburdened by such scrutiny as it helps lead the roll-out of the country’s 5G network alongside local telcos Eir and Vodafone, and invests in research and development.
Huawei Ireland chief executive officer Jijay Shen, speaking at February’s Mobile World Congress in Barcelona, noted that the Irish government was “extremely supportive” of the company’s activities there.”
Note-Dennis O’Brien was keynote speaker at this conf it was in middle of ‘your so vain’ trial.
-lovely, you cant make this up,FG has be most incompetent govt in Irish history and thats saying something.
“Emails obtained by the South China Morning Post under Ireland’s freedom of information law also show that concerns about Huawei’s involvement in the university sector have rippled below the surface.”
https://www.scmp.com/week-asia/economics/article/3004129/western-governments-keep-banning-chinas-huawei-their-5g
That’s very interesting Johnny.
If you were a Chinese telco whose product was being shunned by some of the major world’s economies, how much would you be willing to pay to a controversial fixer, who had long-established links to the FG government, to smooth over any concerns with a key EU economy?
And separately, good to know Trinity has no qualms continuing to accept funding from a company that has been banned at Oxford, Stanford and Berkeley.
Thanks thought you’d ‘get it’ here is a deep dive into China/Digicel’s partnership/activities in Trinidad and Tobago, this is not going have a happy ending for him….
They are partnering up in Ireland,this is a significant threat to Irelands security and appeal as a Euro tech center it needs be on FGs radar-yank firms will pull out or not go there,state dept will act they will and it wont be pretty.FG needs get its act together,yesterday.
“In the telecommunications sector, the Chinese firm Huawei, as well as its Chinese rival ZTE, has established a strong position in the Trinidad and Tobago market. Huawei performs infrastructure work for the Irish telecommunications provider Digicel, as well as for TSTT, in which the Trinidad and Tobago government is the majority (51 percent) partner. Huawei has also been successful in selling its smartphones and other telecommunications devices in the local market. Thus, in terms of both phones and the lines that carry their data, virtually all sensitive, proprietary and personal data transmitted by Trinidad and Tobago government personnel, local and foreign businessmen, and others in the country, passes through Huawei hardware at some point in its journey.”
https://theglobalamericans.org/2019/03/chinas-engagement-with-trinidad-and-tobago/
In a galaxy far far way the UK just released:
“HUAWEI CYBER SECURITY EVALUATION CENTRE (HCSEC) OVERSIGHT BOARD
ANNUAL REPORT
2019
A report to the National Security Adviser of the United Kingdom March 2019”
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/790270/HCSEC_OversightBoardReport-2019.pdf
Which resulted in todays WaPo editorial-Ireland is going it alone here,for Dennis O’Brien ?
“Britain will be making decisions soon about its strategy for 5G communications. Huawei is already largely excluded from U.S. networks, and in recent years, U.S. allies have been urged to avoid putting the company’s products at the core of future networks. Those warnings should be heeded. Sometimes it is important to believe what you hear — and the latest from London is not reassuring.”
https://www.washingtonpost.com/opinions/global-opinions/huawei-wants-the-governments-trust-a-new-report-advises-caution/2019/04/02/5a1c7e5a-54b2-11e9-814f-e2f46684196e_story.html?utm_term=.caede1f02bb2