Re-Re-Building Ireland

at

This morning.

Iveagh House, Dublin 2

Minister for Housing, Planning and Local Government Eoghan Murphy (left) with Minister for Finance and Public Expenditure and Reform Paschal Donohoe arriving for the launch of Home Building Finance Ireland….

… the state’s new financing initiative for the residential construction sector, will offer loans of up to €35m to house builders.

HBFI has been established to fill a funding gap for smaller builders. It will lend to developments of as few as 10 houses or apartments. The company’s website, which went live on Friday, states that it is open for expressions of interest.

HBFI will be funded with €750m from the Ireland Strategic Investment Fund (Isif). A borrowing entity must provide a minimum of 20% equity of a building project, which can include the site value. HBFI will provide up to 80% of the project cost.

Home Building Finance Ireland to lend up to €35m to house builders (Niall Brady, The Times Ireland edition)

Rollingnews

Meanwhile…

This morning.

College of Anaesthesiologists (!), Dublin 2.

Minister for Housing Eoghan Murphy (fourth left) with the Interim Board of the LDA (Land Development Agency) ahead of the first meeting of the Board

Leah Farrell/RollingNews

27 thoughts on “Re-Re-Building Ireland

      1. Eoin

        People sitting on the sidelines, cribbing and moaning is a lost opportunity. I don’t know how people who engage in that don’t stamp their feet, it’s not like we didn’t completely learn lessons from the last crash when fields in Longford lost 98% of their value. That can never happen again, so it can’t.

        Just because the government thinks an affordable home costs €350,000 today and HBFI is lending accordingly shouldn’t concern you in the slightest. It’s no big deal that private banks won’t provide this lending, they’re nothing but cowardly silly billies and the state, especially Eoghan Murphy knows better.

        Oh, and don’t worry your pretty little heads about this little detail.

        “HBFI will also provide funding for the purchase of sites”

        1. Johnny

          The lack of transparency will lead to so many options for corruption,terms are ‘market’ and shrouded in secrecy.They should be visible and same for every borrower.This will enable widespread political favors to be rewarded,while thing is a slush fund for FG cronies,it’s a tooty pooty pinky plopper joke.

  1. Robert

    Very easy to be a naysayer … but at least they’re trying something. It’s within the straighjacket of blueshirt ideology but it is at least something …

      1. Mel

        Yes, this seems to be it.
        Until the people vote for something else. Looking at the opinion polls that isn’t very likely.

        1. millie st murderlark

          Because the majority are a bunch of idiots.

          Voting for the same bunch of idiots and expecting a different result is pure idiocy.

          1. Col

            I think there’s a bit of an “I’m alright jack” attitude too. Which is completely reasonable, but possibly damaging.

          2. Mel

            so the corollary of that millie is, that the minority aren’t idiots. Is that what you’re saying?
            Should the minority just take over then? Stage a coup, because they know what’s best.
            Paul Murphy, Ruth Coppinger, Richard Boyd Barret shoukd be running the show? Along with Eoin O’Broin and Sinn Feín of course.

          3. millie st murderlark

            That’s not what I’m saying.

            Actually, yes. That’s precisely what I’m saying.

            The rest of that is entire your own conjecture.

  2. Bort

    Any breaks for people who don’t want to buy brand new property or people who are not first time buyers and save an insane 20% deposit?

  3. Catherine costelloe

    There’s Eoghan & Pascaal marching up and down the stairs but staying in the same place.

  4. Dr.Fart MD

    – “we need to do something”
    – “yes but WHAT?”
    – “have we tried giving the builders money?”
    – “yes. a few times.”
    – “hm. will we just do that again?”
    – “it’s ten past five, Eoghan, so I’m going to say yes”

    and that’s all the work they’ll have to do now until next month.

    1. Otis Blue

      I can’t take this initiative seriously until I see photos of Eoghan and Leo together donning hard hats, ties loosened, sleeves rolled up, their gaze fixed into the middle distance…

  5. phil

    You know how the FG ideology is the market, the market , the market ?

    Am I to conclude that the ‘market’ has failed for small/medium builders ? Should we notify someone about this failure? Where is the Free Market Capitalism HQ , and whats their phone number ?

      1. phil

        Do you think we will be OK though ? What happens now if Declan Ganley announces that he is the new Taoiseach , will America tell us he has the job … this could get dicey …..

  6. A Person

    Jaysus, lets criticise everything. We need more housing. Let’s give some money to builders to build them. No, can’t do that because….of what exactly? Who do you think actually builds houses?

    1. johnny

      Who’s in charge of giving away this money, what experience do they have its almost 1 BILLION !

      Des Carville is X Davy Corporate Finance-who are embroiled at INM in yet another scandal,were lead on Digicel’s failed IPO.

      Andrew O’Flanagan is Chief Legal Officer of the NTMA-x associate at Davis Polk.
      Davis Polk are Digicel’s and Dennis O’Brien’s go to lawyers-they were lead on the aborted IPO and most the now underwater debt/bond offerings.

      There are 3 board members not one has ANY relevant experience in either home building or lending, its a absolute disaster waiting to happen.Might as well start the inquiry now…….

      https://www.hbfi.ie/governance/board-members

  7. Daisy Chainsaw

    I wonder how long one can one’s company declare bankruptcy after one has finagled a few million out of the government to build some houses?

    Asking for a friend.

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