The high mortage SVR campaign

Brendan Burgess has for some time being leading a campaign over on AAM about the high SVR rates being charged in this country v’s Europe given the current ECB rate of 0.5%.
He took particular umbrage over the rates the Irish Central Bank were publishing as the average for Ireland and thus reporting them on to Europe. He got some success with that as the CB had to admit it was including re-arranged mortgages (that were previously in troible) in their calcs, or something like that.

Anyways, that ahole that refuses to go away, Brian Hayes, has spotted a PR opportunity and has taken up the baton on this in the past few weeks also. And now the right on IT has come on board with it’s editorial today … -1.2108544

Not 1 mention of the huge mortgage arrears and lack of repossessions in this country and how thats most likely the main cause of the high SVR rate. No, blame it on the trackers and put in a ‘wont someone think of the poor FTBs’ shout, to pull at the heart strings.
Brian Hayes regularly calls on any mention of repossession to be knocked on the head and that the Banks should reach agreed settlements in all cases.

Absolute mindblowing BS propoganda at its Irish finest from the rotten Establishment

There’s been more than a few posts on here where the likes of David Hall are asked and blame trackers, while the “journalist” / “reporter” simply does his usual nodding dog routine (“really, that’s terrible even if I’ve done zero research to see if you’re talking through your hole. Anyhow, do continue please…”). I’ve not once heard anyone challenge or bring up defaults / repos

In the UK you can borrow big. But if you default, you will wake up one morning and your car will be gone and the locks will be changed on every single one of your BTLs. You’re out of your “family home” within 6 months of the first missed payment. Your name will be on Experian and you will only get small loans and nobody will take a risk with your business. … y/episodes

If there was an Irish equivalent of the above show, there would be riots on the streets (I’m not exaggerating).

In the UK, if you have £100k saved up, you can easily leverage another £400k or £500k and buy a few houses in Birmingham with >5% yield. But then again, why would you take the risk in property when there are so many opportunities in the UK economy? Also, why would you borrow big if your credit rating could be ruined and you could get a county court judgement against you if your business plan didn’t work out? (here in Ireland, not paying your debts, not paying your labourers, or appearing in Stubb’s Gazette is a badge of honour and a qualification to get “back in business” as a property developer).

Ireland is not a real economy - we have small-time leaders with no clue beyond their own parish, we’re securely attached to the teet of Europe (we are the “good boys”) and we do a fine job at cashing in on the good will of Irish-America and British guilt over the “troubles”.

Beyond buying and selling cottages and land to each other, there’s not much going on here. I would say Irish people don’t know how lucky they are to live in such a well-financed country that involves little or no work for its maintenance.