Jesus, Simon are better capitalised than any bank.
I can’t find anything for X% required reserve, only guidelines
***In general, reasons why charities hold reserves can be summarised as follows:
To fund working capital;
To fund unexpected expenditure, for example when projects overrun or unplanned events occur;
To fund shortfalls in income, when income does not reach expected levels.
To accumulate funds for a major project or event such as a new building… ***
Coming up now on Sean O’Rourke on radio 1…a special report on bad tenants in council properties and some of the damage they have done
Oh dear. It turned out to be about how how the State’s mental health services aren’t available to people who clearly need care. Not ‘bad’ tenants, but ‘mentally ill’ citizens. But is anyone really surprised that there is no effective mental health system?
Worth listening back to if you missed it.
Coming up on SOR on radio 1…Head of the Insolvency Service on the write downs being offered to struggling mortgage holders
6,000 borrowers have been helped to ‘return to solvency’, most since Jan 2017 when the bank veto was overturned by the Courts.
90% of them have retained their homes
The write downs usually involve the mortgage being reduced to the current market value of the house, though in a few cases the revised mortgage has gone lower if thats more relevant to the income coming into the house.
A case was taking by a financial institution trying to warehouse the proposed amount to be written off. This was not permitted by the courts and the write-offs went ahead,
A Fund also took a case against arrangements that meant low fixed rates for the duration of the revised mortgage i.e. up to 30 years. The Judge found against them as they are a fund and not a bank - The Fund
had taken on the mortgages as an investment was the logic behind the decision.
Some examples given of write-offs…160k (plus 98% of 100k unsecured debt) in 1 case. All the examples seemed to relate to houses that are now valued at modest prices of under 300k. No outlandish examples were put out there for fear of provoking the ire of the listeners I’d guess.
The head guy, Lorcan O’Connor, said he understood some listeners were wondering why write-offs for mortgage holders who keep their home, while they themselves perhaps are struggling for the past 10 years to keep the mortgage going etc. He said that being insolvent and having to go through the stress of it all was not something he wold expect anyone would like to experience.
Newstalk in a while - Do residential landlords need a tax break?
to keep them in the game
David Hall in uber rant mode on SOR now ‘discussing’ PTSB’s mortgage book sell off to Vulture funds. There’s only a few people out there who haven’t engaged with the banks apparently and sure, you’ll get messers everywhere.
Everyone is wrong except Hall.
The Bert coming up on Claire Byrne on RTE1 in a wide ranging interview…apparently!
edit- it was all NI related
Recorded without the audience. Do you think he didn’t fancy risking the reaction when he walked on stage or did he just not fancy being in Donnybrook half the night when he could be in Fagan’s or wherever?
Hall was on the Claire Byrne show last night and he’s on Pat Kenny on Newstalk now, with his party colleague Michael McGrath.
Sickening amount of exposure.
“but but, muh legacy is at stake here. We have a meetup with Bill Clinton and Blair on the anniversary, and they’re ruining. it.”
John McGuinness FF, on SOR now to discuss the new bill that Edward Honohan designed on his behalf to stop mortgages going to Vulture funds
Late Late Show now…families living in hotels and those crammed into their parents home with kids of their own.
The latter feel particularly neglected as they aren’t counted in the homeless stats
What fools, for could they not have emigrated or least bought house’n’default and be done. No!
Yet instead kippin’ on the couch, playing poor mouth in Montrose house, cluttering up the ordinary citizens box. What right have they! To spoil the view of which we’ve grown accustomed to.
Padraig Kissane on Pat Kenny now to discuss David Hall’s potential buying part of the PTSB loan sale
Coming up on BBC Newnight: the prospects for pre-fab homes in the UK, plus on the 20th anniversary of the GFA, De Bert talks about how he created it.
Repossessions and arrears being discussed now on S’OR show in light of the CB research report out today on long term arrears and a possible 14,000 repossessions.
David Hall, who else, is in to discuss.
Seamus Coffey on the phone
comments on the Journal fairly pinesque
when will a TD have the stones to tell Hall to F off?
Are The Irish Times still clutching at their pearls ?
Hall on Newstalk now with no one to argue against him.
Dr Ciara Kelly, the presenter, eventually showed her hand. She agreed with Hall’s views on the Banks not really engaging and just wanting to repossess without exploring all the options.
She admitted to having had to restructure her mortgage a few years back as it was unaffordable. She eventually bit the bullet and let the house go as both the house and mortgage were too big to handle. She got no write off however.
Well, I wouldn’t bother troubling the 20 or so TDs who are seeing Hall for their own arrears.