Majority of Irish wealth held in property - survey … h-ireland/

No surprise. Still it does explain some of the reason for the long drawn out crash we’re experiencing. Too many big players with a lot to lose.

Source: … 52117.html

what a piss poor level of business interests … index.html

here’s the original report

Sure what would they know … they’re just “outsiders”.

Blue Horseshoe

Thanks Slasher, I actually went looking for it but couldn’t find it.

I’m having great craic turning those pages. I’ve a sad life :frowning:

I wonder just how much of that property was purchased before the bubble popped and they only still have it because selling would crystallize losses.

anyone remember/ links to that Wealth Report at the top - Davy’s was it? how everyone was a millionaire and all that

edit: … t-2007.pdf

here it is :smiley: :smiley:

30% of our rich (the largest contingent) are retired

The most vulnerable in society :wink:

Sure is there a section of Irish society that isn’t vulnerable?

Should this thread not read:

Majority of Irish debt held in property

It’s a useful statistic to try to explain to outsiders what the Irish economy, Irish society, Irish financial system, and Irish political establishment is really all about, and thus how we got into such a mess.

Property, property, property. It’s all that matters in Ireland. The economy revolves around it, the banks are only interested in lending for property-related business, the notion that the only way to "make something of yourself’ and be respectable in society at large is to own property has a status in Irish society more fundamental that any religious belief, questioning this assumption is the very worst form of social taboo and causes instant ostracism and demonisation from society, the political establishment are all property speculators, legislation on any topic is drafted with one eye to the effect on property prices, every single policy decision made by every single arm of the State has to first pass the “effect on property prices” test…

The underlying problem isn’t actually financial or political. It’s cultural.

The Savage Eye episode on the property market and property crash captures some of this
…the dinner party with people greeting each other with “House do you do?”

And RE lending for property only: so true; chiropodist I know with a very good business was looking for a business loan to expand. Was very professional, profitable in what she was doing already, business plan drawn up for what the money would be spent on. Banks turned her down (during boom), but then tried to offer her mortgage products to buy a house to let out. Clearly they were happy enough with her earning stats to advance a loan, but no ability to see that a good loan might not involve a house purchase.

Good points again from SW. And what doesn’t get much mention here either is the whole area of sports clubs getting over extended during the boom. I know of two midlands clubs with huge debts to improve facilities which will now struggle to make the repayments. Tis difficult to see what was wrong with the existing facilities, since all the pitches need are dressing rooms showers and meeting area for most clubs, but with a bank official or two on the committee you can be sure there’ll always be pressure to upgrade, sure won’t the mug members pay for it all…for years and years. Better to extract some rent from the pitches than have em being played on for free, no?? :angry:

This was my feeling on Lansdowne Road - all this talk about modern facilities -you’re only there for two hours tops three or four times a year, if you can’t stand on the terrace for that then you shouldn’t get a fupping ticket.

At least Bertie never built his bowl

I think it was D McWilliams who pointed out during BaBaBoom times how worrisome it was that the Banks themselves were not directly investing in property but were more than happy to lend to individuals to do so.

The banks may not have been directly investing in property but IIRC they were selling off branches to raise funds so as they could lend more. A lot of the senior execs were themselves leveraged up for property plays.