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EVERY DAY, TheJournal.ie brings you nine things you need to know with your morning cup of coffee.
1. #SURROUNDED: A garda operation involving armed units supported by the army surrounding a house in north Donegal has ended without an arrest.
2. #PIPS: A month in, the Insolvency Service of Ireland has 52 Personal Insolvency Practitioners (PIPs) working around the country but four counties have none at all.
3. #MIGRANTS: The Maltese Prime Minister has told the BBC that European waters close to Africa are turning into a cemetery after another boat laden with migrants capsized killing an estimated 50 people.
4. #MARCH: A union supported anti-austerity pre-budget march is planned for Dublin today. SIPTU’s president Jack O’Connor was reluctant to predict numbers.
5. #SNOWDEN: Former US secretary of state Hilary Clinton has said that a “sensible adult conversation” is needed about state surveillance in the wake of the leaking of secret NSA files.
6. #DETENTION: Construction of the new juvenile detention facility in Lusk, Co Dublin will begin on Monday. It comes as pressure from human rights groups led to a Government closure order of St Patrick’s Institution.
7. #MEDICAL CARDS: The issue of discretionary medical cards was placed firmly on politicians’ agenda this week as the Dáil heard a number of horror stories.
8. #DO THE MATHS: A fear of maths is hurting Ireland’s economy but it could also damage society according to the national director of MathsWeek.ie.
9. #CHEVRON: The memorial service will take place today of former Pogues guitarist Phil Chevron who was also a founding member of influential Dublin punk band the Radiators from Space.
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Can I have my money back now
It’s like’…..burning your furniture – to keep warm!
Why are PwC saying this instead of IBRC and NAMA?
As property prices start to rise nama , ibrc start to dump property
Can someone explain why?
Dumping loans philip, not property. They’re Dumping the loans as they’re non-performing and want to get them off the balance sheet.
If they had the patience, they’d put arrangements in place to allow the properties to return to positive equity and then seek a sale, this recouping more of the tax payers money.
Unfortunately, they’ll sell the loans for a discount and allow the new purchasers to do this and net a tidy profit.
The article outlines that IBRC (IBROKE would probably be a better name) will offload € 15 billion in loans.
Yet the linked article tells us that IBROKE have already offloaded 90% of its loanbook, € 19.8 billion out of € 21.7 billion leaving just € 1.9 billion on hand.
This can only mean, if the previous article is correct, that it is NAMA that is offloading the majority of the loans.
Why the subterfuge?
Why make people think that this is some kind of joint enterprise when it is NAMA that is leading the charge?
Have the shiny suit brigade from the canal something to hide?
Given their obsession with secrecy it would not surprise me if they have, perhaps selling the loans to some preferred customer with an inside track at a serious discount.
The way things go it will all be wrapped up before we know anything, plus ça change.
Who in their right mind would buy this junk?
It might only be worth 30% of face value but if you buy it for 20% it’s a good deal. For the buyer anyway.
@ Irish Revolution
The Banks?
Hedge funds bought it. They will now sell off all the ghost estates etc at a lower price so people that have houses for sale at the min will eventually have to sell for half or take them off the market.
Fab house here in drogheda asking price €325. Hilarious. You could now nearly get a house for that on raglan road or ailsbury road!! So that house is realistically worth less than €150 really.
People and notions ha
What about Bank of Scotland selling on my mortgage & others in their Irish portfolio to a company called Tanager Ltd.
I’m in a tizzy all day because I don’t know what it means for us.
have your say