McCreevy to bring in new home loan laws

The EU directive will put limits on mortgage lending…

independent.ie/business/euro … 26422.html

Similar to what it done currently in Norway.

the words ‘stable door’, ‘horse’ and ‘bolted’ spring to mind.

In fairness to McCreevy

wasn’t one of the reasons he got booted out of Finance and exiled to Brussels because he tried to take the heat out of the market by putting a little squeeze on the investor ? FF and the builders had a canary under the guise of protecting the pool of rental property and he had to back pedal pronto…

In Hind sight!!

Was that not Bacon ?
I could be wrong but i though McCreevy was one of the chief architects of the lets screw everyone under 25 policy.

If i’m wrong i take it all back !.

He was indeed but if I recall correctly he seemed to have spotted the bubble and then have brought in measures curbing investor incentives . The investors bailed out prices started to drop and within weeks they back pedalled and restored the relief in question. Someone with a more precise mind may be able to pinpoint what I’m talking about.

Soon after Carlos the Jackal MakReevy was packed off …

As I recollect, and the PTSB/ESRI figures back this up,
but FF/PD got elected in 1997 with proposals to REDUCE the growth of house prices, yes that’s right house prices were SOARING before FF/PDs took over.
Bobby Molloy, the then housing minister commissioned the Bacon report, and it’s recommendations were implemented in April 1998. That slowed down the growth somewhat. THEN when the reduction in interest rates caused by EMU, house prices took off again, Molloy commissioned another Bacon report, and McGreevy implemented those recommendations also. Also around this time were the student demonstrations about accommodation so McGreevy introduced tax relief on student accommodation to boost supply. Anyway with the generous reductions in tax reliefs in the budget around that period, house price growth took off yet again - another Bacon report was commissioned by Molloy. These recommendations were implemented by McGreevy in 2001, but short-sighted people pointed to the huge growth in rents caused by people selling investment properties because of the abolishment of mortgage interest relief, so McGreevy backtracked. Of course, at this point in time Molloy had been removed/resigned from Government for apparently interferring in the justice system of the country (should have sought the advice of FF TD Tony Kileen from Clare -if you ask me). Hence no Bacon report was since commissioned and neither was their a proper Housing Minister since then, in my opinion. Hence we got to where we are at now.
So who do we blame - well the person who abolished Residential Property Tax in the early nineties if you ask me - this should have been reformed so that only those with one property are exempt!

In all honesty, McCreevy is my hero.
No kidding.
An accountant to the core.

The National Pension Reserve Fund is his baby.
€20bn and counting.
He set up a fund to save for our future pension needs, because we are too busy spending everything we have to plan ahead.
True foresight.

Alongside Alan Dukes’ sacrifice with his Tallaght Strategy, McCreevy, through his actions, ranks among Irelands genuine patriots.

I thought the Pension Reserve Fund was just to cover future pension needs for public service pensions?

“social welfare and public service pensions”

That he is, that he most certainly is. He’s not an economist. His motto "“When I have it, I spend it and when I don’t, I don’t.” is pro-cyclical and exacerbates the movements between the top and bottom of the market place.

While that axiom may well be prodent for an individual, a farmer or small business owner, it’s not particurly good policy for government who should be attempting to smooth the ride during the movenemts of the global and national economic cycles.

Blue Horseshoe

This man is for turning: got to retain his popular status. This man should resign immediately if his has any honour or does he have any clue of the shambles created in his sphere of influence? He does not know whether he is on his head or his heels! The above decision comes on the heals of his following stance of non interference

Now the last quote above was taken from the Irish Times Newspaper in February last. Remember this was the run in period for the Irish General Election. Interestingly, I came across the following piece from a Red C poll on RTE Website today

I am nearly 100% convinced that our politicians have been as far away removed from what is happening in the world as a child in a crèche knows about the Stock Market. The Irish Economy is going to be a huge burden on Europe. How do the other politicians in Europe put-up with shenanigans as above or are they all in the same boat without a paddle? God help us!