What they said, when they said it. Quotes from VIs.


#601

As opposed to piling ever new company within 25km of Dublin city center with the corresponding pressure it puts on Housing costs, water supply, traffic gridlock etc etc. Not a rural/urban divide but clearly the infrastructure in place can barely support the current set up never mind adding to it. Not saying every new company should be forced out of Dublin but clearly there needs to be a more long term balance adopted or else in 50 years most of the population will live in Dublin (prob a slight exaggeration but you get the idea).


#602

There’s a strong argument that we should be aggressively developing Cork, Galway, Limerick, etc. I think there’s an element of denial about the future of rural and small town life though - especially for people on lower incomes, insisting on such an inefficient way of living is going to continue to come at a high personal price (including, in this case, access to jobs).


#603

From personal experience the state agencies do their very best to encourage companies to locate outside of Dublin but it ultimately comes down to the companies themselves. They want to be where Google and Facebook are, to share in that pool of talent, to be in that vibrant atmosphere. They insist on being within an hour of an airport that has flights to the US. If it’s Dublin or somewhere else in Europe the state agencies have to go with Dublin.

As you correctly point out Dublin can no longer support this. The problem is that the energy spent on encouraging companies to locate outside of Dublin is too diffuse - they really need to concentrate on , say, Cork and Galway. Both are nearly there in terms of IT and Pharma. The air links are feasible - even Dublin based companies are flying to the US via London, Schipol and Frankfurt so as long as you have links companies can see the possibilities. Unfortunately both these cities are as gridlocked as Dublin with accommodation costs well above those in comparable European cities.

The thing is native Irish people could set up companies in these towns - but they don’t - they follow the same criteria as the multinationals.


#604

I’m all for this, decentralise to Cork, Galway, Limerick, etc. No point trying to situate the next “facebook” in somewhere like Moate and wasn’t suggesting decentralising to small towns.


#605

haha I like it


#606

Sorry, sorry, sorry inquiries.oireachtas.ie/banking/hearings

…with hindsight, the supervisory measures taken by the authority, which I will be outlining in this statement, were not sufficient to meet the challenges posed by the crisis and the recession that emerged. I am deeply sorry about that.
**- Patrick Neary, Financial Regulator **

**I’m very sorry that this ultimately happened on my watch. **- Brian Goggins, BoI

I wish to express my sincere regret for my part in those events, and to renew the apology which I made at the AIB AGM in 2009… - Dermot Gleeson, AIB

I’m very sorry for what happened and my role in these events. I know a lot of people were let down and feel very angry – deservedly so … I take personal responsibility for my actions and omissions. **- Eugene Sheehy, AIB **

…this does not alleviate the sense of deep regret I feel, as a member of the senior management team in a registered authority that was not more intrusive and did not prevent the collapse of the financial system.
- Con Horan, Financial Regulator’s office

…not seeing the unsound nature of the financial sector was a bad mistake. - John Fitzgerald, ESRI


#607

In an article in the Indo today entitled Nama to build 20,000 houses by 2020 the finance minister is quoted as saying:
“The property model was now probably irretrievably damaged. However, Mr Noonan ruled out simply giving property developers tax breaks, as is being lobbied for by the construction industry.”

He further goes on to say:
“What worries me is I was here in the '90s and I contributed to the debates on three Bacon reports. Every one of them was to solve a supply problem in the market and take overheating out of the market. And every time the State intervened, it got worse.”

Yet he is happy to meddle with the CB rules - Noonan wants Central Bank to review mortgage caps for first-time buyers


#608

I told yis before Noonan is a Gemini. This is what you have to expect.


#609

Two Ministers for Finance for the price of one. Bargain! Except one is working against the other.


#610

Budget measures will get young couples taking the property plunge - Finance Mininster
People “were waiting for the Budget” and have been waiting to see what moves would be made. He said he “very confident” the budget will help “drive supply” in the housing market.
“(Nama) are ready to go, they have committed to building 20,000 houses over the next five years. When they’re really up and running after the lead-in phase they’ll be doing 80 houses a week and they’ll be operating on a hundred building sites – most of them in Dublin and it will be mostly houses rather than apartments and it will be at the starter home end that I have asked them to operate.”


#611

usual horseshyte from Baldy


#612

‘Review’, not ‘change’ - he’s doing the minimum in response to ‘public’ (VI) pressure - “ah lads, you can’t do it any different, can you? Sure? Ah well, at least ye looked. Look again in 2020”…

I am heartened more than I thought I’d be by his other comments.


#613

Marian Finucane interview with michael o’Flynn and his time in Nama up on podcast now.

Listened to it, and it’s a bit of a whinge. Not much meat on the bone.


#614

Only got the end of it. Said the Central Bank were as good as ending the dreams of young families with their borrowing limits.
Later on he said that Developers had learned the dangers of borrowing too much!!!

Prices were at the highs they were in the boom because of market fundamentals and if thats what happens then so be it!!! So people with boom time mortgages got the value at the time and that is that.

House prices are too low now to warrant any building.

He’s learned nothing. And Marian of course fawning over him…from the texts she read out, 3 out of 4 people believed Flynn to be a visionary and true leader


#615

O’Flynn interviewed by Matt Cooper yesterday.

To paraphrase:

Higher house prices would make them more “viable” (ie more lucrative for him).

Part V social housing should be abolished.

Nama is NOT a success story.

Shame Irish housebuyers do not have a voice to put across their views on national radio. Any seasoned Pinster wanna start a Facebook page?


#616

This pops up every month or so. It’s not gonna happen because people don’t want to be presented as actively working to devalue the assets of others.

(Actively working to increase the amount of money you can extract from those who have no assets is perfectly fine though)

(and debt just doesn’t come into it)


#617

Oflynn was on Sean O’Rourke yesterday morning as well. Why is he getting so much publicity


#618

“Paper never refused ink” scenario I assume.


#619

More like toilet paper never refused …


#620

De economic crisis was caused by ‘Joe Soap and Mary Soap’ getting too many loans
**“Everybody started living on credit and credit was whatever you wanted yourself. Anyone could walk into any institution and seem to get any amount of money and this is where the cocky bit came in. Unfortunately, collectively as a country, we started leveraging one off the next.
So Joe Soap and Mary Soap, who never had a lot, got the loans for the second house and leveraged the third house off the second house and the fourth on the third, and you know, what are you having yourself. So that was a huge problem. But where did that problem come from? That problem came from the availability, which we had never had since the foundation of the state, of cheap money through the European system. - Bertie Ahern **