House prices ‘will fall by 50%’: Ulster Bank CEO

I suppose its easier for him to be a bit more honest now that UB’s tracker mortgages have been given over to the UK bad bank. … qqqx=1.asp

That appears to be the strategy.
Deny the extent of price falls … until your bad debts (and job) have been safely secured.

Seems to me that he’s living in cloud cuckoo land. What makes him think there will be a floor at a 50% reduction? Not a chance.

Because, like the other bankers, he is still earning hundreds of thousands … so he cant understand why others cant pay €1m+ for a 3-bed semi-D.

But it has been claimed in some quarters that those trackers were taken out by very “smart and savvy” paddies and therefore the likehood of default is reduced :angry:

50% from current levels would be about right.

Pope shits in woods / Bears wear funny hats / banker states bleedin’ obvious

Actually banker states bleeding obvious is not as axiomatic as either the po or the bear needle. Bankers normally obfuscate and lie through their teeth.

Oxymoron … &l=171620&

The same message from the UK…

Give the guy a teeny bit of credit. At least he’s not claiming another imminent “bottom” or “soft landing”.

In the absence of reliable data on sale prices, my impression is that in many areas prices have already fallen 50% from their peak value in late 2006.

The banks won’t call “bottom” because there will be no bottom unless and until they start lending again.

They are lending, just not to everyone.

It could be even more as who knows how far the country will go up sh*t creek.

I haven’t heard the term ‘soft landing’ in ages! Ah the memories! Come to think of it I haven’t heard from Dan McLoughlin in a while either.