Hand on my heart … I honestly believe I could do a better job.
I want to know how solvent the banks are, taking the following into consideration :
Land down 80% from September 2006 prices.
Residential property down 60% from September 2006 prices.
Commercial property down 60% from September 2006 prices.
(We’re actually not far from these figures).
I especially want to know, when taking these three factors into consideration, how solvent are all unsold/in-construction Residential and Commercial developments and the banks’ exposure to them.
Finally, please give details on the collateral for these loans.
If it also property, whats the true value of the collateral ?
Nope, never sold one in there.
But to give you an idea, I sold a 4 bed semi-D in Foxrock for 40% less than an offer they received back in 2006.
They didnt accept the offer in 2006 as they felt it was ‘worth more’
(I wasn’t their agent at the time).
Pat Neary has been in the central bank since…1971. He joined it at age 19, straight from school. He took the ACCA exams while there. He has literally never worked a day in his life outside the Central Bank. After 37 years in a single job he is 1000% institutionalised and is literally incapable of the lateral thinking required to regulate.
Have a look at financialregulator.ie/data/ … gchart.pdf : then ask, have any of the people named there got advanced qualifications in law, risk management, quantitative modelling, prudential management, economics, finance etc…(hint - a two letter answer…). Most of them have been career CB’ers and are perfectly evolved to do the 9-5 (or actually 10-4) work in the central bank.
Edit - a pm suggested the comments above re neary are libel. they are, apart from teh last sentence, taken from his bio note on the press release appointing him and the last is a refection of ten years working in the PS close to the CB/d Finance.
5’30"-6’14" is hilarious. just reeling off a prerehearsed speech. kinda sums up how completely out of his depth he is. does he remind anyone else of the guy from an episode of father ted? exact same voice. can’t remember the priests name. its the one where he’s trapped in a boxroom with Jack talking rubbish. “What’s your favourite humming noise? Is it mmmmmm…or is it MMMmmmm” Seriously, i think i’d prefer Dougal regulating the banks than this old fool.