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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Tue Jan 08, 2019 10:12 pm 
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Single Home Owner

Joined: Aug 28, 2010
Posts: 116
Location: Dublin
Hope I'm not derailing this thread but I just think that the whole system here in Ireland seems a bit crazy when we can have nearly Euro 100 Billion of household deposits in the banks during a housing crisis. That amount of money would buy hundreds of thousands of houses.

https://www.irishtimes.com/business/per ... -1.3728846


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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Tue Jan 08, 2019 10:30 pm 
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Holiday Home Owner

Joined: Sep 9, 2017
Posts: 336
Yeah, but there may be a rational fear that these homes (to be funded by private deposits) won't be paid for. We also have 29,000 homes in the country who haven't paid their mortgage in years. Depositors tend to have an issue with that kinda stuff.

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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Tue Jan 08, 2019 10:47 pm 
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Under CAB Investigation

Joined: May 12, 2012
Posts: 2183
It's totally normal to have a certain level of cash on deposits by households.

I have high five figures for various reasons. I do not want to put this into new property, also for various reasons.


My grandmother is very old and very frugal. I believe she has a lot of cash on deposit. She is not interesting in buying stuff, and as she is very old, not much interested in longer terms and higher yields either.

So the cash just sits in the bank.


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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Tue Jan 08, 2019 11:37 pm 
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Too Big to Fail

Joined: Apr 4, 2010
Posts: 4733
EconomicCrashDummy wrote:
Hope I'm not derailing this thread but I just think that the whole system here in Ireland seems a bit crazy when we can have nearly Euro 100 Billion of household deposits in the banks during a housing crisis. That amount of money would buy hundreds of thousands of houses.

https://www.irishtimes.com/business/per ... -1.3728846



But I don't need hundreds of thousands of houses and owning them is just too much hassle, as posters above have pointed out...

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People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.


Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations
Book I, Chapter X, Part II,


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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Wed Jan 09, 2019 1:43 am 
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Single Home Owner

Joined: Aug 28, 2010
Posts: 116
Location: Dublin
The country does need them though. And there's plenty of money to pay for them. It seems ironic to me that we can't seem to start building more houses given the circumstances.
I think people are quite brave to keep so much money in Irish banks also.


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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Wed Jan 09, 2019 8:30 am 
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Of Systemic Importance

Joined: Sep 13, 2012
Posts: 5474
It is the job of the banks to lend money and hold deposits.

And they are doing both.

Is the output of the construction industry currently constrained by lack of finance?

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"It's easy to confuse what is with what ought to be, especially when what is has worked out in your favour"
Tyrion Lannister


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 Post subject: Re: Ireland's housing crisis is completely normal
PostPosted: Wed Jan 09, 2019 11:38 am 
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Of Systemic Importance

Joined: Nov 4, 2011
Posts: 6049
Location: SthDub
Dublin County Council Deputy CEO Brendan Kenny on with Miriam O'Callaghan now discussing the housing crisis.

Miriam was horrified by Skeehan's comments on the Claire Byrne show, homelessness is never normal she says.Kenny doesn't agree with the comments either.

Kenny has also said that DCC are trying to buy hotels to put people up in but "it's difficult in the current environment as international hotel chains are bidding against us" XX


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