I know this has been flagged as “the elephant in the room”, on the Pin efore, but now Prof Honohan must have read the threads.
Think this statement it deserves its own thread
Irish banks are massively under-provisioned for the residential loan book. 10% and rising rapidly, over 90 days. The losses will run to high billions,(over 10?). Bailout 3 on the way.
The state is compromised as it won’t bring in reasonable debt resolution laws, as most of the bad debt is owed to the state via the nationalised banking sector.
Howitzer wrote:
The HFA you say?
Quote:
Phil Hogan has appointed a former secretary-general of Fine Gael, and an auctioneer who admitted lobbying councillors for rezoning, to a state board. The Sunday Times points out that Jim Miley and Gerry Leahy were appointed to the Housing Finance Agency, with the latter having admitted to the Mahon Tribunal that he had attempted to influence councillors. A spokeswoman told the paper that the appointments were based on experience and suitability.
This really is a digusting place to live or to be seen living in .
Strange wording from RTE referring to ‘figures published today’ for mortgage arrears in 2011 when the figures were actually published back in February and have merely been repeated today in the annual report.
It’s actually worse than that. The Central Bank highlights the number of mortgages in arrears but doesn’t shine the same spotlight on the more important fact that the value of mortgages in arrears is even higher. The 9.2% of mortgages that were in arrears at the end of 2011 actually represents 12.3% of mortgage debt outstanding. Also, it seems strange the Q1 2012 Mortgage Arrears data hasn’t been published yet. It seems to come out half way through the second month after the end of the quarter, which would have been last week.
I think they mentioned that this is solely in reference to principle private residences, buy to lets and IO mortgages excluded
Elderfield wants the banks to go through the arrears and split them into groups
Ones that require only rearranged payments, ones that need partial debt writedown and the hopeless cases
It’s actually worse than that. The Central Bank highlights the number of mortgages in arrears but doesn’t shine the same spotlight on the more important fact that the value of mortgages in arrears is even higher. The 9.2% of mortgages that were in arrears at the end of 2011 actually represents 12.3% of mortgage debt outstanding. Also, it seems strange the Q1 2012 Mortgage Arrears data hasn’t been published yet. It seems to come out half way through the second month after the end of the quarter, which would have been last week.
