Daft Property - Irish Property News

The justice minister's declaration on national television that the budget is merely a statement of intent confirms our worst fear: they don't mean what they say. If only they'd told us before... Mystery solved. We now know why Dermot Ahern found nothing on Ray Burke when he was up every tree in north Dublin. It's because he wasn't actually looking. One day long, long ago, the taoiseach summoned him to his office and said "Dermot, I want you to carry out an exhaustive investigation to establish once and for all if Rambo's been on the take from the builders." "Righto, boss," said the future minister for justice, and off he scampered to fetch his climbing boots. But not a whiff of a brown envelope did he detect among the abundant sycamores and great oaks of Swords and Malahide. Why? Because he kept his eyes closed all the time he was looking. Well, if Humpty Dumpty was your boss, would you take his instructions literally? Even pedantic, pettifo...

Does this finally mean bye-bye to Bertieland? Just because Brian Cowen et al are proclaiming the end of crony capitalism doesn't mean it's dead yet... They do things differently in Sweden. Up there, they pull together in crisis. They show a united face to the outside world when the chips are down. They are ideal candidates for a social solidarity pact. Out here on the far side of Bertieland, we don't have the stomach for such happy-clappy stuff. On Wednesday, Brian Lenihan announced details for the National Asset Management Agency, or, if you will, the bad bank. This agency will take control of the property assets in the country's main banks, thus freeing up the banks to lend money to businesses. The book value of the assets, most of which are toxic, is estimated at €80bn to €90bn. Nobody knows the real value of the assets because at the moment, as nothing is selling, there is no market in which to put a price on them. The process is designed to clean up the horrendous ...

Budget will 'turn recession into depression' ... POLITICAL REACTION: Fine Gael deputy leader and spokesman on finance Richard Bruton said this evening the Budget announced by Brian Lenihan today will "threaten to turn a recession into a depression". “This is a Budget that is all about extra taxes for ordinary families, about extra charges for people, and about cutting capital spending,’’ said Mr Bruton. “You are looking to make it tougher for people who are struggling to get by,’’ he added. “There is no sign that you are aware of the pressure on people from fuel bills, the pressure on people who have lost their jobs.’ Labour leader Eamon Gilmore said it "mercilessly targets middle income families". Speaking shortly after the Minister for Finance presented the Budget in the Dáil, Mr Gilmore said Mr Lenihan had failed to take any significant steps to protect the poor and vulnerable in the face of the worst recession facing the country for decades. “Despite ...

The golden triangle – FF, the builders and the banks... Despite last week's bail-out, some of the country's most ambitious redevelopment plans are still in jeopardy... It was Fianna Fáil's best friend, Bob the Builder, who propelled the banks into the liquidity crisis and caused the historic post-midnight sitting of the Dáil. After a decade of swaggering around the corridors of power and inside the Fianna Fáil tent, many of those feted builders are now expected to put their most extravagant plans on ice and sit out the recession, cushioned by the citizens' guarantee to the financial institutions . "We're not so much talking about a golden circle as the golden triangle – Fianna Fáil, the builders and the banks," says Labour's Joan Burton. Irish banks are owed €110bn by the property and construction sector. It accounts for €60 of every €100 that residents have on deposit. As 28% of all borrowings, it is significantly greater than the 25% construction p...