Honestly, what can you say?
Trying to refloat the housing bubble is about as realistic as bailing out the Titanic with an egg cup, all I can say is they are worse than vultures arguing over the bones of the corpse FFS.
Jaysus wept! These are the bastards who along with the banks caused the problem in the first place.
Tom Parlon would be well advised to crawl under a rock and stay there.
Why should he crawl under a rock? He is getting everything he asks for.
Its fucking outrageous, no vested interests my arse, but really the man is doing a hell of a job for his members.
Its just that what is in the best interests of his members is the total opposite of what is in the best interests of this country.
People who say an election would do no good are wrong. If FF were out, and FG and Lab were in, then this cretins influence would be severely reduced.
What I’d say is that the committment that the banks have had to give re: an increase in availability of credit to FTBs is as a direct result of this showers lobbying. Who the f*ck is running this country.
Did Parlon not say last Autumn that the Govt should plunder the NPRF in order to lend to FTBs. Looks like he got his wishlist.
You can expect this guy to be all over the Brians to ensure that the banks walk the walk.
€7Bn is nothing. It would buy about 40000 houses, daft would still be overloaded with empties even if they tried to buyup everything they could afford on it, starting at the cheapest.
Forget about the housing bubble, slash the minimum wage, slash the cost of everything and save some manufacturing before its too late. Make tourism competitive.
Our nation is committing suicide.
This is wonderful news.
The CIF are going to watch the banks for us. We can now scrap the financial regulator. Who needs them with Tom watching out for us…
Why not? The Skibereen Eagle watched the Tsar, with the same end result.
Let me ask you this. If you saw Tom Parlon and a rock in close proximity, what do you think you might do?
If I were Tom Parlon I think I’d stay well clear of hard throwable objects.
Was watching PrimeTime last night and one of the conditions of the €7 Billion re-cap is that lending by AIB and BoI to small businesses is increased by 10% but to FTBs it is increased by 30%. So we all know who the eventual recipient the re-cap is intended to be!
Watch the wording I think they said “lending made available is to be increased by 10%”, that doesnt mean they will lend it out to anyone its snake oil talk…
While there’s a lot of discussion here about bailouts for builders I think it’s important to remember that while the CIF might see it that way the government probably doesn’t. There’s a fundamental lack of understanding about the property market which pervades every level of Irish society from the taxi driver on the street, through the “business journalist” and right up into the highest levels of government.
They all think property prices going down is bad. They think rents going down are bad. They consider year-on-year property price increases of 10% a sign of health. What’s worse is they think that’s what a **normal **market looks like. The Irish property bubble was so large and lasted so long it’s all people knew.
This means the bubble era is what people are trying to get back to. It’s probably what the CIF are trying to get back to (although I suspect many of those lads are canny enough to realise the game is up and now they just want to shift the leftover stock) but it’s almost definitely what the government is trying to get back to. It’s Irish government’s crack cocaine. It’s completely and utterly addicted to the revenue from it and wants it back so so badly. Maybe someone somewhere is telling them that revenue is unhealthy and they should go clean but they don’t care, they want that sweet sweet revenue.
So the reason for that 30% versus 10% isn’t helping out some builder mates - they really think they can get the bubble going again and save their revenue streams. Gosh sure if people would just start paying 400k for shoeboxes again the country would be back on track!
Lovely. Diverting capital into this unproductive avenue got us into this mess. Diverting even more in there will get us out.
I think one thing that Mr. Parlon and the CIF are taking for granted is that, even if the banks begin to ‘lend’ again to FTBs (as far as I know you can still get a mortgage with the right criteria) there are a huge amount of FTBs, with their arms folded, who have seen what happened to their predecessors in the past few years, vowing it won’t happen to them - and taking every precaution to ensure that it doesn’t. And good luck to them.
Granted there will be some (we’ve seen them ask for advice here, then decry the advice given because their minds are made up anyway) who will rush out and buy.
But I’d hazard a guess that we will be looking an an entirely different breed of FTBs this time around. And one other important thing Mr. Parlon and the CIF aren’t factoring in is instantaneous information from websites such as the Pin, along with treesdontgrowtothesky, and Irishpropertywatch.com
It’ll be interesting to see what has happened by next January.
Interesting in the way Africans find Ebola interesting, unfortunately.