Daft Property - Irish Property News

Ahern and Cowen handled the Irish economy like 'intoxicated joyriders'... FORMER Taoisigh Bertie Ahern and Brian Cowen handled the Irish economy like "intoxicated joyriders" before it collapsed, a leading academic has said. Dr Ed Walsh, the University of Limerick's founding president, also launched a blistering broadside against the public sector as he delivered the annual Michael Collins oration at Beal na mBlath in Co Cork. He described it as "flabby and over-paid" as well as "antiquated and dysfunctional". And Dr Walsh said that the current Government had to reverse a ludicrous situation whereby Ireland had allowed its basic jobseekers' allowance to be greater than the average industrial wage of most EU accession states. "The crisis that is convulsing Europe has its origins in the partisan management of the euro currency from the outset. Sustained low interest rates to facilitate a dominant Germany in the process of reunif...

Bertie bags $40,000 - for tips on Celtic Tiger 'success'... FORMER Taoiseach Bertie Ahern is charging American companies a fortune to present a new lecture -- about how he transformed our economy in the Celtic Tiger boom. The man targeted by many as the architect of our crippling recession, is charging more than $40,000 (€27,554) a time for speaking engagements with the elite Washington Speakers Bureau. During the lecture, Mr Ahern offers tips to bosses of leading firms on how to be competitive. The former Fianna Fail leader has been employed for a number of years as one of the highest-paid speakers with the bureau -- whose motto is 'Connecting you with the world's greatest minds' . In his latest lecture -- entitled 'Prime Minister as CEO' -- he tells listeners to adopt Ireland's Celtic Tiger as a model of economic growth. Last night it was described as "bewildering". Bosses of the bureau refused to reveal the number of times Mr A...

Kevin Myers: Failure is actually what independent Ireland has always done best. We even failed at prosperity... THE Taoiseach's recent 1916 speech, and the warm reception the references to the "heroes" of the GPO got from the Dublin Chamber of Commerce, were depressingly illuminating. They confirm that our political and economic classes are steeped in denial and hallucination. Yes, Mother Ireland has reverted to ancient delusional habits, and is sustained by illicit bottles of poteen around the national household, labelled 1916. And whenever the old woman feels another attack of the vapours of 21st century realism attacking her, she reaches for a bottle, yet again. A polity which feels the need to recycle ancient events as a modern inspiration is in dire trouble. That's the real lesson from the Taoiseach's rodomontade of last week. You can look at these things mythically or you can look at them literally: either way, no interpretation of the event of 1916 is of an...

TDs 'cut and run' as 3,000 jobs a week lost Action on Bord Snip to be delayed as public sector gears for the fight... The silent destruction of the real economy will continue virtually unchecked for a further six months, during which time TDs will enjoy a three-month summer holiday and the Government will prepare to re-run the Lisbon Treaty referendum. In that six months, a further 100,000 jobs will be lost, bringing to an unprecedented 500,000 the number of private sector workers now out of work -- a staggering 90 per cent increase in just a single year of an unrelenting economic crisis . The report of the Expenditure Review Committee, also known as An Bord Snip Nua, has now been submitted in draft form to various Government departments. It makes recommendations in relation to cuts of up to €5bn in current spending to eliminate a deficit of €15bn, of which €6bn relates to bailing out the banks. The report will be officially presented to Finance Minister Brian Lenihan on Wednes...

IMF warns on extent of 'correction' facing State... THE INTERNATIONAL Monetary Fund (IMF) painted a bleak picture of the “unprecedented economic correction” facing Ireland, describing the stress on the State as exceeding that being faced by any other developed nation. However, in a positive diagnosis of the Government’s response, the global financial watchdog has said that on the two fronts that matter most – fixing the banks and the public finances – the Government has “moved in the right direction”. The IMF said losses faced by Irish banks could top about €35 billion, or 20 per cent of GDP, to the end of 2010, though it added that the Government “did not formally produce any estimate for aggregate bank losses” during the fund’s recent fact-finding trip to Ireland. The Department of Finance was quick to point out that “the vast majority” of these losses would be absorbed by the banks’ risk capital and ongoing operating profits. The IMF endorsed the Government’s plans for the r...

Collapse in house prices will be good for economy... Many people in recent weeks have tried to explain what is happening to the economy. How can we visualise why credit has dried up? How do we rationalise the fact that we went from a situation of so much money we didn't know what to do with it, to a situation of no cash at all? Where did it all go? One interesting way to look at this, and this column has used it before, is to think of events in the natural world. Think of the aerial photos of the Serengeti at the beginning of the annual rainy season. What was a parched arid climate where nothing grows suddenly become florid, verdant and full of life. Animals, flowers insects flourish and the place is abuzz. We see migrating wildebeest, crocs and birds and then, at the height of the season, the whole plain is crackling with energy, fuelled by that most precious of commodities, water. Then as the seasons change, the water begins to evaporate. Life disappears from the edges of the pla...

Your essential guide to language in the 21st century economy... It's happened to us all. One minute you're in your element, waxing lyrical about the big match over a bag of peanuts down the pub, the next the talk turns to the markets and you're left clutching at more straws than an octopus playing Kerplunk. Worry no more. Like a white knight with a big dictionary under his arm, The Times today charges to the rescue with the Recessionsaurus — Robert Cole's guide to modern vocab. We've listed and defined some of the most common phrases to have cropped up over the past few months, and we hope you find them useful. But this is an interactive service — we want your input, too. Use the Have your Say box below to query any economic tongue twisters and terminology to have come your way recently. We'll monitor your feedback and add new entries, quicker than you can say quantitative easing. Well, almost... Administration One step from bankrupt...

We must demand greater accountability from politicians, regulators and business... PICTURE THE scene: greedy executives, shady solicitors, lying politicians, child- abusing priests, cover-ups, fraud and lots of brown envelopes. It sounds like an episode of US cops and corruption show The Wire, but it's actually the horrifying reality show known as Noughties Ireland . The first series of Noughties Ireland in 2007 delivered scheming property developers and government officials happy to look the other way . Series two featured a shamed taoiseach, several dodgy solicitors, the Fás scandal and questionable banking practices. This year's series sees paedophile priests and bishops who damn children to a lifelong personal hell. Fraud is also likely to make an appearance this year. Paddy Power is taking bets on which Irish sector will be charged with the biggest fraud in 2009. The odds favour banking, property and the legal sector , with telecoms and State/semi-State bodies next in line...

IT’S 3 a.m. at Doheny & Nesbitt, a favorite watering hole of Dublin’s political and business elite, and the property tycoon Sean Dunne stoops to retrieve a penny from the pub’s grimy floor. One would think that Mr. Dunne, Ireland’s best-known building developer, would be in bed at this hour. It’s a weeknight, after all, and he has meetings that begin before first light. What’s more, the Irish economy, pummeled by the most severe housing bust in Europe, has collapsed. And the gossip around town is that Mr. Dunne, whose brazen deal-making and Donald Trump-like lifestyle epitomized the country’s euphoric boom, might be going bankrupt. But, no matter, a penny is a penny. “I am never, never too proud to pick a penny up from the floor,” Mr. Dunne said. He is on perhaps his fifth pint of Guinness, capping a rollicking night of Champagne cocktails, followed by a wine-soaked dinner — yet his thick brogue is clear of even the faintest slurring. “I grew up with nothing and I know the value of...

New York, Hundreds of thousands of revelers rang in 2009 from frigid Times Square as the famous Waterford crystal ball dropped, signaling the end of a historic and troubled year that saw the election of the first black U.S. president and the worst economic crisis in decades. As the clock struck midnight, a ton of confetti rained down while the partygoers hugged and kissed. The wind chill made it feel like 1 degree (-17 Celsius) in the area, but that didn't deter the throngs who were cloaked in fur hats and sleeping bags. "We're worried about the economy but hoping for the best," said Lisa Mills, of Danville, Ohio, visiting Times Square on Wednesday night with her husband, Ken, and 17-year-old daughter, Kara. Former President Bill Clinton and Sen. Hillary Clinton, who will become President-elect Barack Obama's secretary of state on Jan. 21, helped Mayor Michael Bloomberg lower the the famous Waterford crystal ball atop 1 Times Square for the countdown to midnight....

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 ...

Does the following sound fimilar?... " This is an extraordinary period...Over the past few weeks, many...have felt anxiety about their finances and their future. I understand their worry and their frustration . We've seen triple-digit swings in the stock market. Major financial institutions have teetered on the edge of collapse , and some have failed. As uncertainty has grown, many banks have restricted lending. Credit markets have frozen. And families and businesses have found it harder to borrow money. We're in the midst of a serious financial crisis ... First, how did our economy reach this point? For more than a decade, a massive amount of money flowed ...from investors abroad, because our country is an attractive and secure place to do business. This large influx of money to... banks and financial institutions -- along with low interest rates -- made it easier...to get credit. These developments allowed more families to borrow money for cars and homes... some for the ...

The 'Fannie and Freddie' factor faces our banks too... If the two biggest American mortgage banks can go bust and be bailed out by the US government, could the same happen here? When the US government intervened to save Freddie Mac and Fanny Mae on Monday, it put the world on notice. We are now in a new era where our banks are the single biggest weakness in the economy and the State (meaning the taxpayer) will be expected to save them. The developments in America have serious implications for Ireland. If anything, our property boom was more ridiculous than that of the US. So the obvious question now is whether one of our banks might go bust. It could happen , but is it probable? We don't know; but if it wasn't a possibility, why has the share price of Irish banks fallen 60pc in the past year? The reason share prices have collapsed is that investors are afraid their money will disappear. Like the rest of us, they don't believe the banks' management. They have lo...

State of emergency... BRIAN COWEN last night tried to get a grip on the country’s escalating economic crisis by calling an emergency October budget that looks primed to inflict deep spending cuts. The unprecedented decision to advance the budget — the centrepiece of the Dáil year — by almost two months to October 14 was sparked by shock in government circles at the collapse in tax revenues over the summer that has left the country heading for a €6 billion deficit by the year-end. The cabinet made the dramatic move as unemployment surged to a 10-year high as dole queues swelled by record amounts for the fourth month in succession. Finance Minister Brian Lenihan said the Government’s priority was to “curb spending” and this would be achieved through a “balance” of taxation, borrowing and cuts as he warned the country faced the worst economic conditions since the late 1980s. “We cannot let our state to drift into fiscal unsustainability. We have to take corrective action,” said Mr Lenihan...