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 Post subject: Re: The great Irish sell off
PostPosted: Fri Jan 13, 2017 10:26 am 
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Ardillaun wrote:
Overall, it's a good thing for the country that the vulture funds invested here and made a profit.


It's not a good thing that they dont pay tax. It's not a good thing that many of these properties were not offered to struggling Irish people to buy at reasonable prices (and yes there was a market). It's not a good thing that many of these deals were not brought to market. It's not a good thing that people's basic tennancy rights have been trampled all over by aggressive faceless Wall St types. It's not a good thing that many of these peoperties will be flipped back to the Paddies at very inflated prices just in time for the next crash.

Perhaps you could break your argument down a little for us?


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 Post subject: Re: The great Irish sell off
PostPosted: Fri Jan 13, 2017 10:34 am 
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Of Systemic Importance

Joined: Dec 28, 2006
Posts: 5579
Quote:
Overall, it's a good thing for the country that the vulture funds invested here and made a profit.

Is it? I had/have money available to buy a modest property but NAMA was selling them to us outside the circle. I can't be alone in having had some spare money available to clear a lot of the backlog.
Some of those known to me are spending over 50% of their income on rent as this Government was intent on keeping the prices up and supply artificially constrained.

Even small-time predatory landlords would be struggling to avoid/evade paying tax on their income or spending their income in the local economy on income they gain from houses\apartments which could have been sold to them instead of property funds with absolutely no presence in the country who remove the income direct from the economy without it ever having a chance to have a multiplier effect.


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 Post subject: Re: The great Irish sell off
PostPosted: Fri Jan 13, 2017 10:46 am 
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dipole wrote:
Is it? I had/have money available to buy a modest property but NAMA was selling them to us outside the circle.

I am still not entirely happy that I understand is there was a valid ( or at least understandable) reason to prevent this- is it that this type of Irish money was already within the system ( and therefore doesn't improve the banks as a whole) and they needed external money pumped in?
Or was it political ( prevent cherry picking and "They took my house Joe" )


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 Post subject: Re: The great Irish sell off
PostPosted: Fri Jan 13, 2017 11:07 am 
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superman wrote:
dipole wrote:
Is it? I had/have money available to buy a modest property but NAMA was selling them to us outside the circle.

I am still not entirely happy that I understand is there was a valid ( or at least understandable) reason to prevent this- is it that this type of Irish money was already within the system ( and therefore doesn't improve the banks as a whole) and they needed external money pumped in?
Or was it political ( prevent cherry picking and "They took my house Joe" )

I and my Cousin are living overseas. NAMA weren't talking to me when I was making my enquiries and the NAMA property they were enquiring about was advertised at top dollar and to this day still remains unsold.


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 Post subject: Re: The great Irish sell off
PostPosted: Sun Jan 15, 2017 6:38 pm 
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I still reckon the Government didn't want to oversee Irish punters picking up cut price properties where potentially their neighbour had paid twice the amount. The potential for resentment and then the clamour for mortgage write downs would have increased.
Better to have some anonymous codenamed fund reap any spoils.


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 Post subject: Re: The great Irish sell off
PostPosted: Mon Jan 16, 2017 11:59 am 
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Bogman wrote:
I still reckon the Government didn't want to oversee Irish punters picking up cut price properties where potentially their neighbour had paid twice the amount. The potential for resentment and then the clamour for mortgage write downs would have increased.
Better to have some anonymous codenamed fund reap any spoils.


Im actually of the opionion that our politicians had zero policy and no clue as to what to do in the aftermath of the crash. The moneymen arrived in fancy jets and Noonan the boys just instantly rolled over for them. Like I said, Wall St must have had a field day with our set of gobshites.


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