34 thoughts on “De Friday Papers

  1. eoin

    In the same week the UN lambastes Ireland for selling loans to vultures, the Times Ireland announces Bank of Ireland is to sell €0.4 billion of loans.

    Is the government having a laugh?

    Where is the “no consent, no sale” Bill to give borrowers the power to stop such sales? The govt pushed through the Brexit omnibus bill in a couple of weeks, it pushed through the fishing voisinage bill in a few days. Yet the “no consent no sale” Bill has the support of SF, FF and most of the Opposition, will it languish in parliamentary purgatory.

    1. eoin

      I’m half expecting the Brexit bomb – which was supposedly defused last week with an informal extension, which was then ratified by the UK parliament on Wednesday night – to dramatically reactivate around midday when lawyers go to the courts to argue the extension to 12 April is illegal. A group of MPs and some of their law friend supporters say the Article 50 withdrawal notice could only be changed by a vote in parliament BEFORE a request for an extension.

      It’s a long shot but at this stage, nothing would be surprising.

      1. bisted

        …I think the revoke letter was written over a year ago and all eventualities will have been anticipated…the question is who will sign it and how to spin it…best outcome is to blame Johnnie Foreigner and present the move as ‘taking back control’…

  2. GiggidyGoo

    And a piece, the size of two postage stamps, informs us of a 17 bed ward being closed at Limerick hospital. The stifled cheers of Noonan, Varadkar and Harris no doubt mixed in with a few guffaws this morning.

  3. eoin

    Licence plates for cyclists? The London Times reports

    “The IVF pioneer Lord Winston has called for cyclists to be forced to wear licence plates after he was attacked by a woman he had challenged for riding on the pavement.

    Lord Winston, 78, said that the woman repeatedly kicked him after he remonstrated with her for speeding past as he walked through Bloomsbury, central London, on Wednesday.

    “I went up to her and told her very politely that it was against the law to cycle on the pavement and it was dangerous,” he said.

    “I thought she would apologise and walk off but she became very aggressive and was swearing. She snatched the telephone out of my hand and then threw it into the road. She then kicked me repeatedly.””

  4. eoin

    Front page of the Examiner, housing body buys apartments from vulture fund and saves the day in Cork.

    Wonderful news, wha?

    What the Examiner and the rest are forgetting to tell you is, you are paying for this wonderful news story and you’re probably paying waaay over the odds. The housing body is likely getting the funds to buy the apartments from the Dept of Housing (Housing Agency, or Housing Finance Agency) and at the same time is getting a contract to rent the apartments to people on the housing list or who are homeless.

    Are we getting value for money? Are the housing bodies paying the market value for these homes?

    Probably not.

    They’re likely paying a price which is a small discount to the replacement value of the homes and that’s how it justifies the financing to the government. But the replacement value could be waaay more than the market value.

    Eg. These are just illustrative, I don’t know the exact figures. The apartments were originally built for €300,000 each. They were originally sold for €400,000. The vulture fund acquired the loans for €150,000. The homes would cost €350,000 to build today. The housing body is using my money to pay €300,000 for the homes. You can buy similar apartments for €200,000 today in Cork city.

    This could well be a scandal and it is going below the radar because no-one is asking the housing body where they’re getting the money from and how the prices they’re paying compare to the market prices of nearby apartments. There’s another issue, why are we allowing private sector housing bodies to operate risk-free in the social housing market, why is the state not doing this job.

    1. Curated by Vanessa for Frilly Keane

      No discount I afraid
      Maybe they’ll save on transaction costs but that’ll be the height of it
      Eoghan Murphy’s Housing Agency insist that Voluntary Housing Associations pay full market value for any acquisition
      And I know for a fact where they’ve stepped in and ordered an agency to pay more than the sale agreed
      The State gazumping the State
      So that Banks etc get more €€€s
      It’s another type of bailout

      I would add that it is particularly noticeable in Mortgage-to- Rent acquisitions

    2. Andrew

      This has been discussed for years on the Property Pin. Cluid was one of the first of these housing agencies involved in this three card trick. Sadly the property pin is not what it used to be and has seen a remarkable drop in traffic as it was to my mind spoiled by shills who joined after the inevitable crash .
      I’ve given up on the PIn and also on the craven journalists who refuse to cover these stories honestly. They led the charge during the last bubble remember.

  5. ReproBertie

    The tea boy is preparing to vote for a deal so terrible he resigned his position over it. He’ll be joined in that vote by Rees-Mogg who said the deal would leave the UK a vassal state, and even that may not be enough to see it pass. How Juncker must wish he could go full Cromwell, “Ye are grown intolerably odious to the whole nation. You were deputed here by the people to get grievances redressed, are yourselves become the greatest grievance. … Go, get you out! Make haste! Ye venal slaves be gone! … In the name of god, go!”

    1. Junkface

      Isn’t Jacob Reese Mogg the most accurate living caricature of a Toff in a top hat? And he sounds exactly like you would think a Toff does. If he was a character actor in a film, the director would turn to the casting director and say “he’s a little bit too perfect, no one will believe it!” Its crazy that he is actually real. So posh he may well fall over

  6. GiggidyGoo

    17 bed ward closed in Limerick hospital. Another success for Noonan Varadkar and Harris.

  7. Catherine costelloe

    John should surely compose a Limerick for beaming 85 year old sheep farmer Mary o SullIvan? 77 years minding sheep and a lady of admirable energy. Give her a reward!!!

    1. Paulus

      In Mr Moynes’ absence:

      A sheep-farmer whose stock roamed about
      while old Commonage laws they did flout.
      But a neighbour’s hard grudge
      Was dismissed by the judge
      She’s the winner – of that there’s no doubt.

  8. eoin

    Ireland’s biggest press group, INM published its annual report for 2018 today

    https://www.inmplc.com/~/media/Files/I/INM/investor-docs/reports-and-presentations/annual-report-2018.pdf

    The business, 45% owned by Denis O’Brien and Dermot Desmond controls over 50% of the newspaper market in Ireland and its titles include the Indo, Sindo, Sunday World, Belfast Telegraph and Herald.

    Circulation revenue was down 5%+, advertising was down 10%+ and online revenue also declined despite the growth of news on the internet. It still made a €9m net profit and it’s sitting on €80m of cash. It booked €4m of costs relating to the ongoing corporate governance investigation. It employs 825 but is continuing to shed staff.

    Are they still trying to buy Broadsheet?

    1. eoin

      Could be 822 if the DPP jails the two it’s pursuing in the High Court for that article about a rape trial last year. Maybe we’ll find out in May.

  9. Curated by Vanessa for Frilly Keane

    A whole load if oul’ nothing really
    While most of the bad news was previously dumped into 2017
    No dividend for YE 2018 either

    Pg 81 for an Oul’ Reliable ( Directors fees)
    Although I must admit not liking that there is a ranking between a Senior and every other Director. They all have equal responsibility
    Plus for the Chair of course

  10. johnny

    Important speech by the 80 or is it 90 year old chairman of that dynamic state agency NAMA-who using FG math that a kindergardner would be embarrassed by, are embarking on mission creep.Per todays IT they guess that somewhere between oh lets say 200 to 400 million is involved, way go NAMA/NTMA quants doing Irelands educational system proud with that guess-math/cash flows ah stop its FG fuzzy numbers time.All joshing aside, its truly awful, its a FU,to present a range of between 200 and 400 million in asking for an extension,such awful numbers its just so ‘irish’.

    “There is a possibility that a small number of loans may not be resolved by then due to ongoing litigation that is largely outside our control. In addition, there is a possibility that there may a small residual loan portfolio where best value for the State may not be achieved through sale or disposal before the end of 2021. Every five years, the Minister for Finance is required to carry out a review of NAMA under Section 227 of the NAMA Act. The first such review was published in 2014 and the second review has now commenced. The Minister stated recently he intends to use this review to make a decision as to how best to manage the wind-down of NAMA, particularly in the context of the need to ensure that the State extracts maximum value from any residual loans or assets remaining after 2021.”

    https://www.nama.ie/uploads/documents/Frank_Daly_-_Address_to_ACCA_-_March_2019.pdf

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