Daft Property - Irish Property News

I’VE OFTEN referred, half in jest, whole in earnest, to the likelihood that the blame game would get underway and that everyone would start suing everyone else until eventually, the Irish State would have to accept responsibility for the bank crash. And, it looks as if that might happen if the Irish Property Council (IPC) gets its way, as last week it announced its intention to take the Irish State to court. The IPC is an organisation, which represents a broad range of people in the property business, including builders, developers and investors. (And, before you go into hysterics; this organisation represents everyone from the small guy with one little investment property, to the much-hated big-time developers who once owned vast property portfolios.) The IPC’s main bone of contention is that borrowers are the only ones being held responsible for the Irish property crash. Bankers, the financial regulator and the government appear to have got away scot-free, despite the fact that t...

Property Council to sue State, banks over collapse: AN ORGANISATION representing property investors and developers is to take a class action in the High Court against the Government, the Financial Regulator and the banks over their roles in the collapse of the property market. The Irish Property Council (IPC) is to outline its plans today for the court proceedings which will set out to apportion responsibility for the collapse. It says the ruination of the property market has been caused “by the reckless lending of our banks, lack of regulation by our Government and the disregard of prudent advice on fiscal policy by the Government in power”. The council is to invite developers, house purchasers or investors who are now “total casualties of the collapse” to put forward their names for the court action and a claim for compensation. The IPC was set up last year to provide support for small builders, developers and investors who have run into financial difficulties following the...