Tag Archives: Debt

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Cork Circuit Court

You may recall a post from Monday.

It was about an item on Today with Seán O’Rourke, in which journalist Brian O’Connell reported on repossession cases that were heard last Wednesday at Cork Circuit Court.

On that day, there were 52 cases before the court involving a family home.

Today, there are 40 such cases listed in the Cork Circuit Court – also all involving a family home.

Specifically, on Wednesday, Mr O’Connell spoke to a mother of five in Cork who appeared in court without the knowledge of her family.

The woman’s house is back in positive equity, and it was reported that her debt amounts to around €30,000.

Her repayments are €800 a month but she can only afford €500 a month.

She was just after receiving an adjournment until May when Mr O’Connell spoke to her.

Very distressed, she told Mr O’Connell:

I don’t have Christmas decorations up, I don’t have any Christmas shopping done, I actually, I love Christmas, but I can’t think. You don’t think about anything else, when this is going on.”

“My youngest, the other day, he wanted change for a collection for Focus and he said, ‘Mum, at least we’ll help some homeless person’ and I’m actually thinking ‘that could be you’. And it’s so tough and it’s so hard…”

“I can feel my whole body crumbling. I’m so tired, so weary all the time. I’d give anything just to sleep, sleep, just to actually not be thinking constantly, not be worrying constantly.”

Further to this…

Mr O’Connell spoke to the woman last night – after she received a call from an unidentified woman who said they wanted to pay €10,000 towards her arrears.

Mr O’Connell said, in total, some €15,000 in donations have been made to the woman in the past two days.

She told Mr O’Connell:

“I cannot believe the reaction to this. I have just spoken to a woman who wants to pay off some of the arrears on my account. A substantial amount of the arrears. What amazes me is people’s generosity. But the thing is, going through all of this, you feel so worthless. I actually feel quite bubbling inside at the moment.”

I feel, I’ve got a chance, I actually have got  a chance for the first time in years but now I’m crying again and I, but for a totally different reason. I don’t want to name the woman, in case she doesn’t want to be known but she knows we’ve just been speaking. Thank you so much, thank you and please, please know that what you have done is just I feel I can walk a little taller again.”

I cannot honestly put into words what I feel at the moment…I want to thank them so much, every single person that got in touch…people are so good. [I’ll have] a completely different Christmas. Honestly, I’ve put up my decorations. I’m smiling a bit more, I am definitely a lot more cheerful, I actually think I’m going to make it through this. I have had no hope for so long. All I’ve been thinking about ‘how long, how long more can I hold on?’ ‘Can I make it through this occasion, can I just make it through this occasion?”

Previously: ‘I’d Give Anything Just To Sleep…To Not Be Thinking Constantly, Not Be Worrying’

alexis-tsiprasGreek Prime Minister Alexis Tsipras

…Asks Zero Hedge

Who adds:

Moments ago Bloomberg blasted a headline which has to be validated by other members of the European Commission as well as Merkel and the other Germans (and may well be refuted, considering this is Europe), which said that:Commission To propose Six Month Exension – sources So did Greece just win the first round of its stand off with Brussels? It remains to be confirmed, but congratulations to Greece if indeed it caused Merkel and the ECB to fold….

After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6 Month Extension (ZeroHedge)

Thanks Sido

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Out of Work Mapper Omar Sarhan writes:

Look! Ireland is a world leader in something! Pity it’s debt levels, nice statistics that show how Ireland’s debt problem has ballooned since 2007, I prepared this map based on an MGI report on global debt levels released [yesterday]. Read more here and here.

An ever increasing mountain of global debt? (Omar Sarhan)

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Taoiseach Enda Kenny at Government buildings yesterday

Ger writes:

Enda Kenny goes to Brussels today to meet European leaders . He is “not expected to use the meetings to plead for Irish debt renegotiation” despite this being the perfect time and opportunity.

But he is “expected to strongly defend Ireland’s corporate tax regime at a meeting with Mr [Jean Claude] Juncker”.  Good times.

Kenny not expected to follow Greece in debt relief demands (Suzanne Lynch, Irish Times)

Earlier: Making A Drachma Out Of A Crisis

(Sam Boal/Photocall Ireland)

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Ah here.

In response to a call Catherine Murphy, TD calling for support for a European Debt Conference.

Unite Trade Union economist Michael Taft writes:

Of course, this data [above]only goes so far.  There are a number of other factors that determine sustainability – the level of foreign borrowings, exports, current account surplus, high-tech employment and activity.  A high-income country can sustain a high debt level that a low-income country couldn’t.  But at the gross level, we can see that Ireland is a highly indebted country and, within that, carrying the highest level of illegitimate private banking debt.

….So let’s bottom-line this. We are highly indebted with high levels of interest payments. The Government intends to run substantial surpluses to meet those interest payments. At the same time, we are facing into a slew of problems – not least of which is a chronic investment crisis and a massive repair job to a social infrastructure which was pretty anaemic prior to the recession, never mind now. A growing elderly demographic, household debt, continuing high levels of emigration and a deprivation rate of 30 percent: and we intend to run up a surplus of nearly €9 billion in a few years…

Debt? What Debt? (Michael Taft, Notes On The Front)

Who, in other words, gets the best deal from its international lenders, good Ireland or bad Greece? There’s no contest. Last year, Greece paid €8 billion to service debts of €315 billion. Last year too, Ireland paid €7.5 billion to service debts of €214 billion. So it cost us almost as much to service €100 billion less. Why? Well at least in part because, even before Syriza took office, the Greeks didn’t go around telling everyone that their debt is “affordable and repayable”.

Fintan O’Toole: When it comes to Irish debt, the State puts on the rich mouth (Fintan O’Toole, Irish Times)

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Tony’O’Reilly at the INM AGM in 2004 (Top) and David Duffy on The Real Deal last night.

You may recall how this summer AIB secured judgements against Tony O’Reilly and companies controlled by him for €45million.

In June the Commercial Court heard that he owed approximately €195 million to eight different banks – with AIB reportedly calling him ‘insolvent’ three times during the hearing.

On The Real Deal, a documentary on Tony O’Reilly (by  RTÉ’s David Murphy) broadcast last night, David Duffy, CEO of AIB, pictured above, said:

“People will make all kinds of comments about what they perceive is the reality. We engage in a very simple process, it’s very consistent and it’s equitable and fair and does not differentiate between one person and another. So there is absolutely no question whatsoever that we took an action for a purpose, other than to treat people exactly as everybody else is treated.”

Further to this, readers may also recall how in June, Colm Keena reported in the Irish Times:

“The purchase of three major Irish businesses over the past two years by the billionaire businessman Denis O’Brien involved total bank write-offs of more than €300 million. The deals saw the businessman invest €230 million to acquire the Siteserv Group, the Topaz Group and the Beacon Private Hospital.”

Mr O’Brien, who has a 29.9 per cent stake, is the biggest shareholder in the Independent News & Media. In April last year the group did a deal with its eight banks, which include AIB and Bank of Ireland, where the banks wrote off €138 million of an overall debt of €422 million, in exchange for a shareholding in the group worth approximately €10 million.”

Good times.

Watch back in full here

Related: Ignominious end to career of Ireland’s first business superstar (Ciaran Hancock, Mark Paul, Irish Times, June 27, 2014)

Sir Anthony O’Reilly described as ‘insolvent’ by AIB (Tom Lyons, Irish Times, June 24, 2014)

Banks write off over €300m in three deals with Denis O’Brien (Colm Keena, Irish Times, June 13, 2014)

(Eamonn Farrell/Photocall Ireland)

jillian

[Jillian Godsil]

Unsuccessful European election candidate Jillian Godsil writes:

“I may not be elected but I am still talking about debt. I wrote this [below]
yesterday and I think it is really pertinent. The banks are doing to people what the religious institutions did before – and again with the compliance of judgmental thinking…”

There are 800 skeletons of small children found in a septic tank in Tuam, Co Galway. This horrific discovery was first made back in the 1960s by two small boys but nothing was done, no investigation made, not even a graveyard instituted. It was left to a local man Padraig to try and create a small memorial and sadly he passed away last week. It was left to local historian Catherine Corless to try and provide a proper and fitting response.

The babies were looked after in a Bon Secours institution, calledronically The Home, from 1920s to the 1960s The babies were all born to unwed mothers; mothers who were thrown out of their family homes to give birth to their bastard children in an institution. If their babies survived they were often forcibly sold into adoption with suitable parents. The death toll of these children was four times the national average. The girls were often forced to work as indentured slaves as a punishment for their crime of having a child out of wedlock.

Some pregnancies would have been as a result of violence and perhaps rape. Some would have been as a result of ignorance of contraception – and the total lack of same in contraceptive-free Ireland, even married women could not easily avail of contraceptives. Some of the woman probably enjoyed it, probably wanted more, and probably wilfully engaged in sex without any due regard to the consequences of getting caught. Dirty girls. They deserved all they got. They should not have had sex outside of marriage – even if they were forced – and they probably had it more than once. It was all their fault.

As for the offspring? They were bastards, and if lucky to survive, would be taken off the dirty girls. They didn’t deserve anything either.

Does that sound familiar? There are 300,000 families in mortgage arrears in this country. There are 27,000 families facing eviction this year. There are more than two suicides every day, many of them from financially inspired reasons. Yet, instead of compassion, we hear the same moralistic tones. They were greedy with debt. They wanted more. They probably had it more than once. They couldn’t control themselves. For God’s sake, could they not control themselves.

They could not keep their dirty hands out of the bank account. Could they not behave and not borrow. Disgusting people, greedy people, dirty people, and dirty debt.

So while the banks, as the religious institutions before them, blame those in debt, take their possessions, lock them in perpetual servitude, shame them and cause misery onto the innocents – the babes in the homes – we, as a society, look on. We tut tut. It was all their fault we say. They were dirty, debt people. They should have known better. They enjoyed themselves while we stayed home and were miserly.

They were greedy, dirty, debt accumulators. Now let them pay the price. As for the children in those homes, where the parents are now dying of debt every day, where there is misery even onto suicide, we do not need to concern ourselves with those children. They are the children of the dirty debt brigade. They are different from our children. We will let them suffer, the little children, even onto the banks’ profits. There but for the grace of God go I. And you.

Jillian Godsil

Wolfgang_-_12525373_402145cGerman finance minister Wolfgang Schäuble.

We were too good.

Speaking in Luxembourg this lunch time on the fringes of an EU finance ministers’ meeting, the German finance minister said that retroactive direct recapitalisation for Ireland was “not probable”. “Ireland did what Ireland had to do… now everything is fine,” Mr Schauble said. His comments underline the growing sense in German circles that Ireland’s strong performance under the bailout has lessened its case for further debt relief on its €64 billion bank bailout.

 

Germany warns direct aid for banks is unlikely (Suzanne Lynch, Irish Times)