Yearly Archives: 2014

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You may recall a post from last week in relation to Cork developer Michael O’Flynn and how his loans are being sold by Nama to global private equity firm Blackstone.

It has been reported that Mr O’Flynn owed his banks €1.8 billion when he entered Nama in 2009, and has now left Nama owing Blackstone €1.1 billion.

Mr O’Flynn also remains in control of his property business.

Further to this, Business Editor of the Irish Times, John McManus recalls how Nama was pitched to the Irish electorate back in 2009 – suggesting that the late former Finance Minister Brian Lenihan and former Taoiseach Brian Cowen either didn’t understand how Nama would work or deliberately misled the Irish public.

He writes:

It’s pretty clear that the two men [Cowen and Lenihan] either did not understand what Nama was and how it was going to work or instead played fast and loose with the truth in order to get the Nama legislation over the over the line. One suspects it was the latter. 

…what did turn out to be at best a fib was the claim that Nama would operate in a way that would make it impossible for the developers who took out the loans to benefit from the writedowns. The Nama legislation did include a clause that the developers could not buy their loans back from Nama but, as we have seen, it was not possible to prevent them having a continued interest in the underlying business and assets once the debt had been written down and sold off by Nama.

Nama pragmatism before action to benefit developers (Irish Times)

Previously: ‘Sucked Up By The Taxpayer’

3

Curious Gordeaux writes:

“Just wondering if the call I received last week from 3 Mobile was a one off, or if your readers have experienced something similar. 3 rang last Thursday evening to talk about my bills, which tend to run around €3/€4 above my my set bill each month. The guy had a suggestion for how to reduce that, he would send me out a couple of 3 sim cards, pay as you go ones, for me to distributed amongst the non-3 friends of mine who I contact.
I was a bit surprised and asked if he was serious. He questioned my response and I told him it’s none of my business what network my friends are on, if he wanted them to change then he should ring them. He said (paraphrased) “I save all of my customers money, you just need to top up this sim card now over the phone by €20 and I can send it out to you and you can give it to someone who you ring that isn’t on 3.” I ended the call then. I actually thought it was a scam so I rang back the number [1800-949-560] to check it out. It’s legit it seems…”

Anyone?

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It costs about €139 to fill the tank of a Ford Transit with petrol in Denmark; in Ireland, it costs about €128. The cheapest place to buy petrol is the United Arab Emirates followed by Malaysia, Mexico and the US. It costs €27 to fill up a tank with petrol in the UAE, €37 in Malaysia, €52 in Mexico and €55 in the US.

“It is Irish taxes alone which see our fuel prices this high,” said Conor Faughnan, director of consumer affairs at the AA.

Taxes account for almost 60 per cent of the cost of filling up the tank of a Ford Transit with petrol in Ireland, compared to about 13 per cent in the US. There are no fuel taxes in China> or Malaysia.

There you go now.

Ireland is world’s fourth most expensive for petrol (Sunday Independent)

Laura Hutton/Photocall Ireland

maps

http://www.youtube.com/watch?v=zy2Zk196uYM&feature=youtube_gdata_player

What you may need to know:

1. This trailer is NSFW-ish.

2. It’s the new David Cronenberg movie. He did Scanners (1981), The Fly (1986), Crash (1996) and A History Of Violence (2005). The masterpiece? That’d be Videodrome (1983).

3.
It stars Julianne Moore, John Cusack and Robert Pattinson, star of Cronenberg’s earlier Cosmopolis (2012).

4. We still believe in John Cusack. Even if he doesn’t. We’re enjoying his awkward cinematic mid-life crisis, even if it involves having to sit through a lot of crap b-movies. That said, who doesn’t love Hot Tub Time Machine (2012)?

5. The critics are in favour.

6. Broadsheet Prognosis: The Player (1992) meets Naked Lunch (1991).

Release Date: TBC

pole1Last night

Clerkster writes:

“Haddington Road [Dublin 4]…results of political poster pruning…”

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Last night.

Eileen writes:

“This election is being turned on its head…”

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Yesterday

Darren writes:

“Vote Cowardly lion. On Pearse Street j[Dublin]. Have you lost him?”

OKGO

The latest of Mario Weinerroither’s Musicless Music Videos: OK GO’s famous treadmill routine for Here It Goes Again stripped down to the lead vocal with added sound effects.

Previously: The Way You Make Me Feel Rather Uncomfortable

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0008f1e5-440[Miriam O’Callaghan and Fr Peter McVerry]

Homelessness activist Fr Peter McVerry appeared on ‘Sunday with Miriam’ [O’Callaghan yesterday on RTE Radio 1.

He warned of a situation in Dublin that has gone “beyond crisis”.

Miriam O’Callaghan: “I wanted to talk to you because the situation right now – in terms of homelessness, is at crisis-level, you feel – isn’t it?

Fr Peter McVerry: “In all the years I’ve been working with homeless people, it has never been so bad. We are even, I would say, beyond crisis at this stage. There are six new people ecoming homeless every day – and that’s the official figures, it may be more than that. The difficulty is that there is no exit out of homelessness any longer. The two traditional exits out of homelessness were, 1) in, to social housing, but there is a dearth of social housing. The building of social housing dropped dramatically during the Celtic Tiger years, and has never been recommenced. The other exit is, into the private rented sector, but certainly in the cities and particlarly in Dublin, again that’s out of reach now for homeless people, because the rents are escalating, they’re going through the roof. Demand for rented accommodation far outweighs the supply. Not only can’t homeless people get into rented accommodation, but people already in rented accommodation are losing it, because the landlords are coming along and saying, ‘The rent next month is going up by two or three hundred euros – if you’re on social welfare, that’s 50 euros a week, you can’t afford to pay that. Rent supplement isn’t going to increase to allow you to pay that. So, people in rented accommodation are losing their accommodation, and becoming homeless.”

O’Callaghan: “Do you ever therefore, despair, that it’s 40 years since you started out becoming a champion for the homeless – and 40 years on, you’re telling me that it’s worse than you’ve ever known it?”

McVerry:
“Well, it’s frustrating, I don’t despair because you have to keep going, and often, the little you can do for the homeless people, means so much to them. But, it’s very, very frustrating. I now am in the situation – probably for the first time – lots and lots of homeless people are coming to me and saying, ‘Look, I’ve nowhere to sleep, I was left out to sleep on the streets for the past three nights ’cause there was no beds, can you do anything for me?’ And I’m saying, look, I’m sorry, I can’t do anything for you – there are no beds! And you know, a lot of these… the typical image we have of homeless people are drug users or alcoholics, or people with mental health problems.
The new homeless people are ordinary people like the rest of us. For example, we had two young people 19 and 21 who had left home because of their father’s violence – neither of them drank, neither of them used drugs, neither of them smoked – both had their Leaving Certificates. They went to get accommodation, they were told that there were no beds left, here’s a sleeping bag – and they were sleeping in a railway station. Now, we rescued them and managed to squeeze them somewhere into our accommodation.
But that’s the new profile of new homeless people, ordinary people who just have no accommodation available and can’t access accommodation because they don’t have the money to access. The other typical homeless group now, are families. Again, I had a phone-call, half ten at night, a couple of weeks ago, a mother was saying,’Look, I’m sitting here on a park bench with my three chidren, and I’m told there’s no accommodation available for me’.
It has never been like that before, in all the years that I have been working – it has never, never been so bad. And why we now have a crisis of homelessness, I believe, there’s a tsunami of homelessness coming down the road. There are expected, up to 35,000 home repossessions over the next few years. That means the banks are taking over the houses and 35,000 are going to be out on the street, looking for accommodatiion.
There are also 40,000 buy-to-let mortgages in arrears – the banks are going to repossess a number of those, or at least quite a percentage of those, and the tenants are going to be turfed out, because the banks don’t want to become landlords – they just want empty possession, so they can sell the houses and get some of their money back.
And the tragedy is there’s no exit out of it, there’s a dam at the end of the river and this torrent of water is coming down, and there’s no way out! It’s really… I think it’s quite frightening, and ultimately, I think, because of the changed nature of homelessness, these are ordinary people who would vote, and their friends would vote, I think this whole issue of housing and homelessness could bring this government down.”

Listen in full here

(Sam Boal/Photocall Ireland)

(RTE)