Daft Property - Irish Property News

Scramble to stem panic after new bailout gaffe... Alarm after Varadkar claims State will need further loans. THE Government last night scrambled to allay fears that a second bailout is on the cards, following damaging comments by a cabinet minister. Transport Minister Leo Varadkar sparked alarm and confusion when he said the Government may need to get new loans from the European Union and IMF next year. Ahead of an anticipated backlash from investors this morning, Finance Minister Michael Noonan's officials insisted the Coalition's firm plan was still to return to borrowing on the bond markets in 2012. The Department of Finance stressed there was no change in the Government's plans, as Mr Varadkar's comments were reported around the world. Mr Varadkar was also left backpedalling after he was reported as saying: "I think it's very unlikely we'll be able to go back (to borrowing on the bond markets) next year. I think it might take a bit longer......

Repossessions to surge as mortgage crisis deepens... 25,000 families now more than a year behind on their repayments. MORE than 25,000 families in Ireland are in turmoil this weekend, living with the terror of being more than a year behind on their mortgages and past the point where they can ever hope to pay back the money they owe. The shocking finding follows an analysis of figures compiled by the Central Bank of Ireland and released without fanfare during the high profile visit of Queen Elizabeth and on the day that former Taoiseach Dr Garret FitzGerald died. The figures show that more than 35,000 people are now over six months in arrears on mortgages worth more than €7bn. But leading mortgage expert Ciaran Phelan of the Irish Brokers' Association has analysed the figures and says the situation is even worse than that portrayed by the regulatory authority. He says even a "back-of-the-envelope" assessment of the latest statistics indicates that 25,000 of tho...