Daft Property - Irish Property News

Vested interests: 38 politicians voting on Nama have extensive property portfolios... Almost 40 of the politicians who will vote on the critical Nama legislation designed to clean up the banks' toxic loans to property developers have extensive property interests both here and abroad themselves. The current register of interests, in which politicians are legally obliged to reveal any outside commercial interests, shows that, excluding the hundreds of acres of farmland owned by politicians, 38 TDs and senators have substantial development land and commercial property holdings. These range from the relatively modest three properties held by Taoiseach Brian Cowen, including one in Leeds, to Fine Gael's Alan Shatter, who lists joint ownership with an "other" of 14 investment properties in Dublin, London and Florida. Of the 38 politicians, 17 could be considered to have significant interests which, during the property boom, would have provided a comfortable income on their ...

The elements that today might form a national culture – language, religion, nationalism – are no longer so readily identifiable here, where the effect of Tiger affluence was not individualism but conformism... THINGS ARE often studied only when they start to go wrong. The end of things is the moment when we start to understand them: and only when they are understood do we begin to realise what might be lost. For instance, sociology emerged as a discipline in that era when society was no longer felt to fit like a glove. Perhaps the fairly recent development of Irish Studies on campuses is less a cause for celebration than a warning: that the identities which it sponsored were, in effect, being codified before their possible eclipse. Such fears have, of course assailed Irish people long before now. After the defeat at Kinsale, the poets of the 1600s proclaimed the collapse of Gaelic Ireland, but in lines of such throbbing vitality as to rebut that very thesis. A tradition lived on in the...

A group of 46 economists has signed an article in today’s Irish Times calling on the Government to reconsider the National Asset Management (Nama) project. They argue that Nama should pay the banks only the current market value for the loans it will assume. In response, economist Alan Ahearne, special adviser to Minster for Finance Brian Lenihan, said last night that a number of claims in the article were incorrect. He added that most of the economists in the country had not signed the article drafted by Prof Brian Lucey of Trinity College. Prof Lucey said he had contacted about 250 lecturers in economics and not one had come back to say they disagreed with the views expressed in his draft. He said a number did not sign because they did not want to get involved in a round-robin exercise. In the article, the economists say the Government will pay significantly above market value for the bad loans advanced by the banks. “The key difficulty facing the Government is that to pay prices now ...

No Sniptoeing through the tulips for Brian's gang... Colm McCarthy was laid-back, but serving up his menu to a queasy public is going to strain Ministers’ stomachs... AFTER YEARS of high living, our political leaders arrived at the Café From Hell yesterday and were forced to confront a menu of the most foul and indigestible choices. The Taoiseach and his Ministers will have recoiled from the bill of fare, but they also know that if they don’t order and dispatch an ample sufficiency, the consequences for them and the rest of the country could be catastrophic. There’ll be no Sniptoeing through the tulips for Brian and the gang after the steaming mess of cuts that Colm McCarthy served up to their sophisticated noses. What’s worse, when they’ve properly perused what’s on offer, they’ll have to dish out McCarthy’s recommendations to an already queasy public. Will the Government have the stomach to do it? Brian Lenihan – the man who has to send out the plates – appealed for calm after th...

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...

Cowen's call to arms in time of need... The nation is demanding an Obama-esque state of the nation address from the Taoiseach. Here, Frank McNally offers his take on what Brian Cowen might say... ‘FRIENDS, CITIZENS, COUNTRYMEN: lend me your ears! And not just your ears. If there’s anything else you can lend me, all pledges would be gratefully accepted. We have people ready to take your call now at the number showing on screen. But I’ll come back to that later. Sixty-five years ago, in the midst of another national emergency, Éamon de Valera addressed the people, much as I am doing this evening, and chose the occasion to outline his vision of the ideal Ireland. He said the country of which he dreamed was one whose people would be satisfied with frugal comforts, and who devoted their leisure time to things of the spirit. It was a land in which material wealth would be valued only as the basis for right living; a land whose countryside was bright with cosy homesteads; whose fields wer...

RTE's biting satire ruffles feathers of Cowen circle ...Supporters unhappy at Cabinet portrayal as boozing buffoons: RTE has become embroiled in a potential controversy, reminiscent of the infamous Scrap Saturday furore, following the broadcast last week of a series of biting satirical sketches which have already ruffled feathers in political circles. Nob Nation, a topical comedy series broadcast each day on the Gerry Ryan Show on 2FM, last week portrayed some members of the Cabinet, including Taoiseach Brian Cowen, as hard-drinking buffoons, and made several joking references to "The Drinks Cabinet" . A flood of complaints was subsequently fielded by the programme, primarily in relation to Nob Nation's portrayal of Mr Cowen, but also several other members of Cabinet, including the Finance Minister Brian Lenihan. Mr Cowen was on government business in Japan last week and, therefore, did not hear the series. But supporters in Co Offaly are understood to have been upset...

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...

Ireland can breach EU spending rules to boost economy... Ireland will be allowed to breach EU spending guidelines for two years and access significant EU funding ahead of schedule, under an EU-wide financial package to be announced this week. The package will provide a boost for the government, which is preparing for a major shortfall in the annual tax take. Initial estimates show a 25 per cent decrease in the corporation tax take in 2008 and a shortfall of more than 55 per cent in capital gains tax receipts. In a briefing with The Sunday Business Post in Brussels, Catherine Day, secretary general of the European Commission, said the commission stimulus package would contain ‘‘concrete and ambitious proposals’’ to help EU member states to deal with the economic crisis. Day said it was likely that countries would be allowed greater flexibility from the EU Stability and Growth Pact, which limits borrowing by member states to 3 per cent of GDP. The flexibility will be allowed for a two-y...

Irish use of resources not sustainable, says Gormley... IRISH PEOPLE are "living beyond our environmental means" and are using too much of the planet's resources, Minister for the Environment John Gormley will tell a sustainable development conference today. Mr Gormley was referring to a recent report commissioned by the Environmental Protection Agency (EPA) which found that if everyone in the world consumed as much as an Irish person, three planets would be needed to sustain the world's population. The report also found that meeting policy targets in relation to the reduction of the State's "ecological footprint" would not be enough to live within the capacity of global resources. Speaking ahead of his address to the annual conference in Dublin today of Comhar, the sustainable development council, Mr Gormley said Ireland must rein in its consumption of resources. " We are living beyond our environmental means. If everybody in the world consumed as...

Shit happens, but why Brian? Brian Cowen seems to have decided to take refuge in a variation on what is known in political speak as the Bart Simpson defence. And no, relax, he's not suggesting we eat his shorts, more the other Bartism: "I didn't do it, nobody saw me do it, you can't prove anything.'' Cowen's version was: "There's no crisis, OK maybe there is a crisis but it's not my fault, why can't you people get it through your thick skulls that there is a crisis." Back at the start of the summer, when even Fine Gael knew there was something wrong, Cowen was telling us that the fundamentals were sound. Having announced a saving of half a billion, which was going to solve all our problems, Cowen and his whole Government then disappeared for the whole summer as the world plunged into crisis. Then they all reappeared after their long break to concede that, all things taken into account and having examined the figures, there might be a p...

Nation braces for impact of Lenihan’s savage budget... FINANCE Minister Brian Lenihan last night warned he was “taking the knife” to billions of euro worth of spending in an emergency budget that may also inflict “painful” tax hikes. Signalling the grimmest government financial statement for a generation, Mr Lenihan revealed only the social welfare department would escape deep cuts. He insisted his key priority was to try and stabilise the State’s finances in the most difficult circumstances “in living memory”. Mr Lenihan’s blunt talking came as cabinet colleague Noel Dempsey indicated “painful” tax cuts would feature in the crunch economic statement. Preparing the nation for what is likely to be the most savage budget in a quarter century, Mr Lenihan said he faced immense challenges. “We want to stabilise the public finances in the most difficult circumstances in living memory,” he told RTÉ. Transport Minister Noel Dempsey also braced taxpayers for increases. “You can either borrow, c...

Pressure on Cowen as millions go to waste... Millions of euro of taxpayers' money has been lost by state bodies and agencies, the report from spending watchdog, the Comptroller and Auditor General (C&AG) said. In his first report, new C&AG John Buckley starkly uncovered the extent of the Government's failure to properly control its dwindling finances. It was published as ministers prepare to slash public services in next month's budget, which has been brought forward by six weeks, in a bid to combat the deepening economic downturn. The report revealed that the tax authorities had to make an embarrassing settlement of €1.7m to themselves for unpaid taxes, after failing to tax travel benefits awarded to their own staff. Mr Buckley's report exposed many of the same inadequacies as his predecessor, as he raised direct and specific concerns. He identified: "Shortcomings in the management of the State's financial resources". "Questions as to the eff...

"Luck and the Irish: A Brief History of Change 1970-2000" is a book, by Roy Foster, that looks at the development of the Celtic Tiger... "Cuddling Up With the Celtic Tiger" ...is a report by Adam Kirsch, on the New York Sun, which gives an interesting American 'take' on "Luck and the Irish: A Brief History of Change"... "When you consider how large a place Ireland occupies in" the Americian "cultural imagination, it's astonishing to realize how small a country it really is. Its current population is slightly more than 4 million; more people live in the boroughs of Brooklyn and Queens than in all 26 counties of the Republic of Ireland. If the island seems to loom like a continent, the reason is, first of all, the Irish emigration that did so much to shape America in the 19th century. According to the Census Bureau, some 34 million Americans claim Irish ancestry, more than any other nationality except German. But you don't ha...

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...

Came across a great article by Shaun Connolly, Political Correspondent, on the Irish Examiner Newspaper: " Clowning around in the doleful economic circus ... ROLL up! Roll up! Marvel at the economic circus act of the Two Brians — Mr Boom and Mr Bust! Thrill as Brian Cowen — Mr Boom — hurtles through the air powered only by the overheating property explosion! Scream as Brian Lenihan — Mr Bust — plunges back down to earth as the housing bubble bursts violently in his face! Quiver as the Two Brians tremble on the high wire together, desperately trying to keep their fiscal balance with no safety net blow them. The recession started precisely four minutes late as the Taoiseach and Finance Minister delayed their entry to what, by the look on their glum little faces, could well have passed for their political funerals. With the stock market collapsing at an even faster rate than the unemployment lines were growing, it was hardly any wonder both men looked sullen as they unveiled their my...