Leave The Banks Alone

at

‘Recently, both Fianna Fáil and Sinn Féin have had quite remarkable Bills pass through stages in the legislative process.

Among other things they will restrict the sale of residential mortgages to “vulture funds”. If any of these many Bills became law, there could be profoundly negative consequences for the system in general.

At a very minimum the ordinary economy would be more severely restricted from accessing credit. Any competition in the market would run a mile and existing banks would be damaged in important ways.

Given that Irish borrowers are already so well protected, the actual intent of these proposed laws seems to have little to do with protecting those in financial distress and everything to do with being seen to have grabbed a pitchfork…’

Ross Maguire, of personal insolvency group, New Beginnings.

Bank bashing has gone too far in Ireland (Ross Maguire, Irish Times)

Meanwhile…

Sponsored Link

Related posts:

Are You One Of The 9%? That Would Be A Commercial Matter Schäuble You Can’t Be Serious? You Did It To Yourselves You Did And That’s What Really Hurts

28 thoughts on “Leave The Banks Alone”

      1. Andyourpointiswhatexactly?

        Having said that, I would like to burn every vulture fund to the ground. Then burn the ashes.

  2. eoin

    Well, Ted, as I said last time [27 Dec 2018, de Friday Papers]

    “Times Ireland giving a platform today [27 December 2018] to barrister Ross Maguire who writes

    “Funds buying loans are not vultures” and offers a defence for vultures. Ross reprises his commentary on vultures in such media as the Irish Times (“Ross Maguire: Borrowers have little to fear from vulture funds”) and the SBP (“Vulture funds debate: We’ve been taught to hate the funds: let’s challenge that. By Ross Maguire”).

    Is this the same Ross Maguire who leaked data on 1,500 vulnerable borrowers to a vulture in 2014?

    https://www.thejournal.ie/new-beginning-mortgage-to-rent-scheme-failure-1808663-Dec2014/ ”

    There’s a bad smell off that whole New Beginnning organisation, just ask ex-New Beginning supremo, David Hall. Ross McGuire appears to be a serial defender of vulture funds. I don’t like him.

  3. Mike

    “Irish borrowers are already so well protected” you sure about that? fact is it’l be a long time before the banks reputations/trust can be restored…

    1. Joe Small

      Yes, by international and European standards it is ridiculously difficult to repossess a house where the mortgage hasn’t been paid for 5 years or more (for whatever reason). If someone defaults on a loan, there has to be consequences in a realistic timeframe or otherwise the banking system has to price this extra risk onto the remaining customers who pay their mortgages every month.

      Banks are a necessary evil.

    2. Andrew

      Yes Irish borrowers are very well protected, in fact too well protected which is to the detriment of the wider public.

  4. Ian-O

    Sounds like a typical Irish carpet bagger and the Irish Times will always be counted on to give a platform to his ilk.

    Hence I don’t even visit the IT site anymore. At least the Indo appears to know its a tabloid rag now, The IT still thinks its some kind of ‘paper of record’.

    It isn’t. From the likes of Breda O’Brien right across to Una Mullaly, they showcase the worst of differing political and social views. Most conservative people I know have more compassion and honesty than O’Brien, most liberal people I know have more broad and nuanced views and common sense than Mullaly.

    And don’t get me started on Fintan the Tool.

  5. b

    Ross Maguire is a good guy (i’ve personally seen the effect of his dealings with people in mortgage distress)

    He just doesn’t tell people what they want to hear and engage in bank bashing like David Hall

    1. b

      that’s quite the allegation, any evidence for this?

      considering he’s a Barrister, i would have thought there are a lot easier routes for him to make big bucks

      1. Andyourpointiswhatexactly?

        He’s a Senior Counsel. I wouldn’t be crying any hot tears about his lack of income.

      2. Vanessa the Holy Face of Frilly Keane

        Not an allegation
        It’s a published fact
        New Beginnings is an incorporated entity
        accounts are filed with the CRO
        ( And the Insolvency Service)

        Did you not know this?
        Or were you just going back to your old ways by scalding and harrassing me?

        Before you go, and change your hat again
        Phoenix Magazine themselves had a root through a set of New Beginnings Accounts, and mouthwatering and eye boggling wouldn’t describe the article
        Fair play to Mr Maguire and the O’Connells tho
        Jealous big time so I am

        Now they may have taken a hit recently since they closed down their Financial Advice set up
        And that fancy Fitz Square / Pembroke office they opened especially to offer pensions, life insurance, Mortgages too probably, is still vacant

        And it is well established amongst the PIP community – via the ISI themselves btw, that New Beginnings were in the top 10 Abhaile scheme beneficiaries in the first 18 months of said scheme

        However I will confirm that I don’t know if Ross Maguire runs his own fees earned on briefs through the company holding New Beginnings

        so ‘b’
        Before you get stuck in again
        You might want’ta get Broadsheet to delete some of the posts under ‘b’ from Aug/ Sept/ Oct last year
        Just in case you don’t want people here to discover the kinda company you keep

        1. eoin

          + 1

          And to be clear, the following isn’t about Ross McGuire, but it has already been established that there are huge fees, millions of euros, to be got by facilitating or “fixing” sales of loans by banks to vultures.

        2. b

          oh cop on

          i’ve asked a question and you gave an answer, there’s no harassing of you, the articles you’ve mentioned may be ‘established fact’, but not well known to everyone

          i’ve no idea what other posts you are talking about, what exactly are you alleging there? I am allowed to ask that, right?

  7. Jake38

    “……At a very minimum the ordinary economy would be more severely restricted from accessing credit. Any competition in the market would run a mile and existing banks would be damaged in important ways.

    Given that Irish borrowers are already so well protected, the actual intent of these proposed laws seems to have little to do with protecting those in financial distress and everything to do with being seen to have grabbed a pitchfork…’

    Exactly. Populist political posturing from the usual suspects, who either don’t know or don’t care about the real consequences of their stupidity.

    1. Nigel

      One thing we learned from the last crash is that banks are not stupid and care about consequences.

  9. DOC

    Next weeks article from Ross Maguire…

    Bashing the Bishops has gone too far in Ireland

Comments are closed.

Broadsheet.ie