The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[Lone Shark]

I too was made redundant

Didn't know that.  That's tough squire - hope all works out for you.

Twas a bit hard to take - it really was dream job country and all that, but four papers in Offaly was always a bit much. Back in the old game for now though - I must drop a line to you today actually. Minor detail which may be of interest....

[behind the wire]

good man shark. hope it works out for you.

[Lone Shark]

Just in case, I didn't indicate anywhere that a mortgage be written off.
At most, I indicated that a slice be taken off, to take away the sting.
The State buys out the mortgage, values the property, adjusts the mortgage and manage the "clients".
As I said, similar schemes have been in operation in other countries and have proved modestly profitable.
A proven modestly profitable State scheme looks an attractive option to me.

But essentially what you're saying is that the state should buy mortgages and immediately discount them - so who should pay for this discounting? There's just no way of squaring that circle. Also, if the state takes over mortgages, countless people would never make a mortgage payment ever again because they know well that the state won't ever be the bad guy and repossess a house.

The state being a mortgage holder would be a really bad idea in my opinion.

I heard a report on the news that what businesses need are bank loans to buy stock.
Frankly I am dumbfounded that after 10 years of increased consumer debt fueled spending that so many businesses are in such a weak position.
I would have assumed that the good business years are used to eliminate debt/overdraft, pay cash on delivery for discounts, increase stock and financial/overall stability.

That was the acceptied wisdom of the last ten years - cash was bad, leverage was good. Businesses deliberately ran their operations that way because that was considered the right way to do things. More debt, more trading - in theory.

[Declan]

Interesting piece on the ghost housing estates around Ireland on Pat Kenny this morning. Frightening stuff. Cavan, Longford with one or two houses occupied out of 50 houses. This is the reality. People saying they couldn't understand how permission was given to build them. Amazing how no one said this over the last decade isn't it?

[Billys Boots]

I believe there are (I've been told anyway by someone in the trade) that there are over 400 new houses in Ballina (Mayo) that have never been occupied, some up to four years old.

[the Deel Rover]

I believe there are (I've been told anyway by someone in the trade) that there are over 400 new houses in Ballina (Mayo) that have never been occupied, some up to four years old.

don't think there would be 400 billy there are a lot of empty house allright but i wouldn't imagine that there would be 400 . Can't think of any new estates starting the past 2 years. You could definately buy a 3 bed semi for around 150k a big drop from 220k at the height of the boom

[muppet]

Just in case, I didn't indicate anywhere that a mortgage be written off.
At most, I indicated that a slice be taken off, to take away the sting.
The State buys out the mortgage, values the property, adjusts the mortgage and manage the "clients".
As I said, similar schemes have been in operation in other countries and have proved modestly profitable.
A proven modestly profitable State scheme looks an attractive option to me.

But essentially what you're saying is that the state should buy mortgages and immediately discount them - so who should pay for this discounting? There's just no way of squaring that circle. Also, if the state takes over mortgages, countless people would never make a mortgage payment ever again because they know well that the state won't ever be the bad guy and repossess a house.

The state being a mortgage holder would be a really bad idea in my opinion.

I heard a report on the news that what businesses need are bank loans to buy stock.
Frankly I am dumbfounded that after 10 years of increased consumer debt fueled spending that so many businesses are in such a weak position.
I would have assumed that the good business years are used to eliminate debt/overdraft, pay cash on delivery for discounts, increase stock and financial/overall stability.

That was the acceptied wisdom of the last ten years - cash was bad, leverage was good. Businesses deliberately ran their operations that way because that was considered the right way to do things. More debt, more trading - in theory.

Just reading reading "Barbarians at the Gate".

We really are an incredibly stupid species.

Leveraging (leveraged buyouts to make executives and investors rich was all the rage then) caused chaos as little as 20 years ago.

This time along with the subprime crisis we had CFDs, which are still available. All cases of people being leveraged beyond logic.

[Main Street]

But essentially what you're saying is that the state should buy mortgages and immediately discount them - so who should pay for this discounting? There's just no way of squaring that circle. Also, if the state takes over mortgages, countless people would never make a mortgage payment ever again because they know well that the state won't ever be the bad guy and repossess a house.

The state being a mortgage holder would be a really bad idea in my opinion.

My opinions are based on observing how State owned mortgage companies manages the accounts.
And how they are profitable.
It is a misconception that they do not repossess houses whose owners who have defaulted with repayments.
Just like the State does not forget that you have to make your tax returns or not forgive those who default on taxes

[Lone Shark]

But essentially what you're saying is that the state should buy mortgages and immediately discount them - so who should pay for this discounting? There's just no way of squaring that circle. Also, if the state takes over mortgages, countless people would never make a mortgage payment ever again because they know well that the state won't ever be the bad guy and repossess a house.

The state being a mortgage holder would be a really bad idea in my opinion.

My opinions are based on observing how State owned mortgage companies manages the accounts.
And how they are profitable.
It is a misconception that they do not repossess houses whose owners who have defaulted with repayments.
Just like the State does not forget that you have to make your tax returns or not forgive those who default on taxes

I'm going to go out on a limb here and say that this isn't in countries where they have the same degree of clientist politics as we do here. I cannot conceive of any state agency being freed from the shackles of interfering TDs and councillors in this state, any more than I can imagine any state agency being allowed to foreclose on anyone who lost their job, even if the purchase was badly advised in the first instance.

[Rois]

BOE rate down to 2%.

Get your euro now if you need them!  Sterling weakening further perhaps?

[FermGael]

BOE rate down to 2%.

Get your euro now if you need them!  Sterling weakening further perhaps?

All ready up to 86p against sterling.
Means more trade and traffic for Enniskillen.

The Mayor of Sligo will not be happy
http://www.nwipp-newspapers.com/FH/free/299193892229496.php

'They're Ennis-killing Us' is the bleak title of an article which appeared recently in a Sligo paper, calling for shoppers in the town to stop travelling to Fermanagh to stock up on goods.

And the call, made by the Mayor of Sligo, has angered Enniskillen Councillor, Frank Britton who has called the comments 'disingenuous'.

The article, carried in the 'Sligo Weekender', calls for people in Sligo to shop locally because of claims that jobs in the North-West are risk.

And, the Southern media have explained that the recent VAT reduction will widen the gap in prices between North and South and will lead to an even greater exodus of shoppers across the Border.

Sligo Chamber of Commerce described the new VAT gap as 'another blow to Sligo retailers'. A spokesperson for the Chamber said: "We realise that it very easy for people to cross the border, but they should remember that doing so can put local jobs at risk".

The plea was echoed by the Mayor of Sligo, Councillor Veronica Cawley, who said: "I know that in the present climate people will travel for bargains, but I would appeal to them not to spend all their money in the North."

However, Councillor Britton, from Enniskillen, has hit back at the article: "I totally reject the Mayor of Sligo's call for shoppers not to come to Enniskillen. It is an unfortunate statement from her, and the people of Sligo and other areas in the South are showing what they think of these comments by coming to Enniskillen in increasing numbers.

"Fermanagh District Council have worked hard to develop and promote Enniskillen. The edge of town stores combined with our traditionally owned businesses make this an excellent shopping town which can be enjoyed by people from all over Ireland."

The matter was reinforced at a meeting of Fermanagh District Council, when Councillor Gerry McHugh asked the Council to think about erecting more signs around Enniskillen to help visitors negotiate the town easier. The Director of Leisure, Tourism and Arts, Robert Gibson, explained a traffic management plan for the town is currently being compiled and should include details on additional signage.

Mr Britton also slammed Sligo's Mayor for ignoring the fact that for years, traders in Enniskillen had to deal with shoppers from Fermanagh flocking to the Republic when Sterling was stronger. "Border trade has always ebbed and flowed over the years," he said.
"The shoe is on the other foot now, and I feel a call like this from the Mayor of Sligo just goes against everything a free market economy tries to promote.

"People are allowed to shop wherever they want, and we have worked hard to increase trade both ways across the border," he added.

With shops in Enniskillen feeling the boom from the numbers of shoppers coming from Sligo, Cavan, Leitrim, Kildare, and even Longford and Galway, the benefits are two-fold as there are obviously huge savings to be made for the canny Southern shopper willing to travel North.

[orangeman]

Engineering firm 'lays off' staff 

The engineering company is based in Dungannon, County Tyrone
A County Tyrone engineering company has introduced a programme of temporary lay-offs for much of its workforce.

Powerscreen, which is based in Dungannon, said it made the decision due to a lack of orders.

Three hundred of the company's 485-strong workforce will be laid-off for a week on Monday 15 December.

This will be followed by another four weeks without pay in January and February. The Easter holiday week is also being brought forward to January.

[thebigfella]

Engineering firm 'lays off' staff 

The engineering company is based in Dungannon, County Tyrone
A County Tyrone engineering company has introduced a programme of temporary lay-offs for much of its workforce.

Powerscreen, which is based in Dungannon, said it made the decision due to a lack of orders.

Three hundred of the company's 485-strong workforce will be laid-off for a week on Monday 15 December.

This will be followed by another four weeks without pay in January and February. The Easter holiday week is also being brought forward to January.

I've a few friends who work there, bit of a dirty act the week before christmas after being told they were safe till the end of January right up until yesterday. Technically they will not be off for 4 weeks without pay in January, as then everyone woud be entitled to ask for redundancy. I believe they have them in training at some point for a week to break it up   

I know my friends can't wait around till Febuary to see if they have jobs or are entitled to their redundancy.

[Donagh]

Engineering firm 'lays off' staff 

The engineering company is based in Dungannon, County Tyrone
A County Tyrone engineering company has introduced a programme of temporary lay-offs for much of its workforce.

Powerscreen, which is based in Dungannon, said it made the decision due to a lack of orders.

Three hundred of the company's 485-strong workforce will be laid-off for a week on Monday 15 December.

This will be followed by another four weeks without pay in January and February. The Easter holiday week is also being brought forward to January.

Have a brother working in it as well. Was talking to him the other day and he said he'd a load of work on at the minute.

[orangeman]

Engineering firm 'lays off' staff 

The engineering company is based in Dungannon, County Tyrone
A County Tyrone engineering company has introduced a programme of temporary lay-offs for much of its workforce.

Powerscreen, which is based in Dungannon, said it made the decision due to a lack of orders.

Three hundred of the company's 485-strong workforce will be laid-off for a week on Monday 15 December.

This will be followed by another four weeks without pay in January and February. The Easter holiday week is also being brought forward to January.

Have a brother working in it as well. Was talking to him the other day and he said he'd a load of work on at the minute.

He must be one of the lucky ones. I've been talking to a few lads and they're doing nothing.