Property Developers have YOUR money!!

OTK

OTK wrote: »

blindjustice, why not put your money where your mouth is and short some Irish banks' stock or else take out a spread bet on them to fall? Then let us know how you get on.

hehehehe




I already put my money where my mouth is and came out on top, now my money is on something else - my escape plan!

daveirl

This post has been deleted.

Do-more

Without naming names Will Hutton from the Observer was certaintly slinging mud at the Irish banks in his interview with Sean O'Rourke on the News at One today. (Comment on Irish banks comes after about 5 mins 30 secs into interview.)

More stories like this could create a perception amongst the public of problems with the banks that could trigger a run.:eek:

Do-more

Do-more wrote: »

Without naming names Will Hutton from the Observer was certaintly slinging mud at the Irish banks in his interview with Sean O'Rourke on the News at One today. (Comment on Irish banks comes after about 5 mins 30 secs into interview.)

More stories like this could create a perception amongst the public of problems with the banks that could trigger a run.:eek:

Perception??
There is something wrong with the banks!!!

Afuera

Do-more wrote: »

Without naming names Will Hutton from the Observer was certaintly slinging mud at the Irish banks in his interview with Sean O'Rourke on the News at One today. (Comment on Irish banks comes after about 5 mins 30 secs into interview.)

Jeez, poor Sean O'Rourke sounded well shaken as he whimpered out his question to Will on whether he had any insights or information that he could provide on the problems the Irish banks may face.

Do-more

David McWilliams' article in today's SBP focuses more on share prices, but might well get some people thinking about the safety of their deposits...

Do-more

Central Bank says Irish financial system is robust and resilient to both expected and unexpected shocks.

Governor John Hurley said: In this Financial Stability Report, we consider various risks and potential shocks that, if they were to happen, could have a relatively large impact on the stability of the financial system.
Our assessment is that financial stability risks have, on balance, increased since the publication of our last Financial Stability Report a year ago. However, our overall conclusion is that the Irish financial system’s shock absorption capacity remains robust and the system is well placed to cope with emerging issues.

Finfacts commentary.

Central bank report.

OTK

OTK wrote: »

blindjustice, why not put your money where your mouth is and short some Irish banks' stock or else take out a spread bet on them to fall? Then let us know how you get on.

now how far has the iseq fallen on account of this

OTK

How right you were. I hope you made a load of cash!

kippy

Feck sake, another pessimistic piece of over negative nonsense.
Really getting sick of this kinda nonsense at this stage.
Kippy

kippy

kippy wrote: »

Feck sake, another pessimistic piece of over negative nonsense.
Really getting sick of this kinda nonsense at this stage.
Kippy

Whats your basis for that statement?

kippy

Deleted User wrote: »

Whats your basis for that statement?

Well,
I am just sick of headline reports/headlines in general at the moment (such as the one which this topic is about)
Every time you put money into a financial institution you give other people access to it, it's how financial institutions work just like you have access to other peoples money through loans. Misleading the public as to the amount of risk their own money is at does nothing for the confidence of consumers and all it does it leads to mass hysteria as we seen with Northern Rock (which appears to be an isolated incident and based entirely on they way they, in particuliar, do business. It is this hysteria which causes makes the issue even bigger.
The very topic title is a complete "headline grabbing joke".
!!Property developers have YOUR money!! It may be true but not all of these property developers are going to default on their loans and not all of the mortgage holders in this country are gonna leave the banks in the lurch because things arent actually that bad.
There are far worse people than property developers who have my money but if I wish to use the facilities of the financial institutions I dont really have a choice as to where my money goes.
Kippy

martian1980

kippy wrote: »

Well,
I am just sick of headline reports/headlines in general at the moment (such as the one which this topic is about)
Every time you put money into a financial institution you give other people access to it, it's how financial institutions work just like you have access to other peoples money through loans. Misleading the public as to the amount of risk their own money is at does nothing for the confidence of consumers and all it does it leads to mass hysteria as we seen with Northern Rock (which appears to be an isolated incident and based entirely on they way they, in particuliar, do business. It is this hysteria which causes makes the issue even bigger.
The very topic title is a complete "headline grabbing joke".
!!Property developers have YOUR money!! It may be true but not all of these property developers are going to default on their loans and not all of the mortgage holders in this country are gonna leave the banks in the lurch because things arent actually that bad.
There are far worse people than property developers who have my money but if I wish to use the facilities of the financial institutions I dont really have a choice as to where my money goes.
Kippy

If it annoys you so much, don't bother reading threads with similar headlines.

kippy

Maybe you're right.
I'll just not bother reading them anymore. Thanks for the valuable insight.
Kippy

stepbar

A lot of people clearly don't understand the nature of banking and the varient nature of risk aversion amongst the retail banks. The author of the UCD article hasn't quoted one source for his finding. For a professor, it's a fairly shocking paper. Not saying what is said is true or false but the fact he has nothing to back it up with is equally shocking.

gurramok

100bn is a huge amount of money lent to developers in our small country. All it takes in this crash is a small number of developers with a small percentage of that money(even 5%) to default and then you have trouble with your banking system.

To ignore this is just ignorance and brushing it under the carpet nonsense imho.

It's happened in other countries with similar situations(US and Finland comes to mind) so it's better that the likes of savers who have far too much to lose, know how safe their money is in particular institutions.

Savers have a right to know how safe their money is(NR example recently), of course some institutions are in better shape than others with developer loanbooks, but as with secrecy we exactly do not know which ones and that part is scandalous..

confuzed

http://www.irishconstruction.com/show_news.php?id=5836

Breaking News
27 Feb 08:48 Two builders told to pay E1.8m in debts

A High Court judge has made an order requiring two company directors to pay E1.8m to meet debts due by their construction company.

Mr Justice Peter Kelly yesterday refused a stay on the order for judgment against Colm and Martina McNulty, of Kilreesk Lane, St Margaret's, Co Dublin, in proceedings brought by Doka Ireland Formwork Technologies, with offices at Tinure Industrial Complex, Monsaterboice, Drogheda, Co Louth.

The McNultys were taken to court over monies due for equipment and services provided to Limestone Construction, of which they are directors and shareholders.

Doka claimed the McNulty's had agreed in writing on February 2, 2007, to guarantee the payment of all monies owed by Limestone. The company had failed to repay some E1.798m, it was claimed.

I don't know if it is covered in any national paper or not.

This thread is nearly a year old,

let nobody be fooled by bankers or politicians into thinking that all the current turmoil was sudden, unforeseen and unpreventable

more of the same from last year
http://www.boards.ie/vbulletin/showthread.php?t=2055097379&page=2

edited it to add....

a bail out to hand over your money to the developers is on the cards:
http://www.independent.ie/national-news/digouts-agreed--for-buyers-on-lower-incomes-1477388.html

Doesnt all sound so crazy now does it?
I gave ye all over a years warning. Well anyone who`d listen.
Ive my money safe, a few of the people I know who listened are grand now too.
The only problem now is the taxes that will follow from the banking guarantee, unavoidable bar leaving the country or doing a Bono lol

http://en.wikipedia.org/wiki/Fractional-reserve_banking

http://en.wikipedia.org/wiki/Bank_run


Can this topic be moved to Economics please?

gurramok

Wonder where Infinity and Beyond has gone, beyond infinity like the banks debts

the butcher

After seeing the date of this thread and reading it fully, it shows how right BlindJustice was and how VERY WRONG others were.

I think the average joe needs to look at both sides for themselves. What does a UCD lectuer have to gain by talking down a property market? Nothing really, what does a analyst for a bank have to gain by dismissing the UCD lecturer and saying that the banks are grand? His/her job lol

Hindsight is a great thing but people really need to open their eyes for themselves

nice1franko

good work mister blind justice.

nice1franko

You say you've your money "safe"... Do you mean you have it a guaranteed savings account?

nice1franko

nice1franko wrote: »

You say you've your money "safe"... Do you mean you have it a guaranteed savings account?

I am skeptical of any government guarantee of deposits.
Some people are putting their money abroad, some into things like gold. Some will argue that gold, silver etc are overvalued etc. Some people are holding money in safes - I kid you not, Ive heard it been said on radio that the sale of safes dramatically increased.

There are a load of options available. Im not saying do a run on Irish banks but I am saying that you should not put all your eggs in the one basket. This will sound condescending to experienced investors but the average joe probably has all his money in one bank.

nice1franko

No condescending heard here bosco. I'm an average Joe alright and thanks to the advice of the likes of yourself and other boffins over @ askaboutmoney I don't have all my eggs in one basket (...I've about half an egg in 4 different ones ).

What I'd be concerned about is the actual value of the cash decreasing (what with Obama 'just' printing hojillions more notes - don't know how/if it'll affect us but I remember from history class that it didn't work out too well for Zee Jermans, post WWII).

Precious metals is, apparently,the way to go if that's what you're concerned about but, at this stage, I reckon you'll be paying a premium for that 'security'.

nice1franko

nice1franko wrote: »

No condescending heard here bosco. I'm an average Joe alright and thanks to the advice of the likes of yourself and other boffins over @ askaboutmoney I don't have all my eggs in one basket (...I've about half an egg in 4 different ones ).

What I'd be concerned about is the actual value of the cash decreasing (what with Obama 'just' printing hojillions more notes - don't know how/if it'll affect us but I remember from history class that it didn't work out too well for Zee Jermans, post WWII).

Precious metals is, apparently,the way to go if that's what you're concerned about but, at this stage, I reckon you'll be paying a premium for that 'security'.

I had some dollars that I turned into Euros last year when the exchange rate was more favourable. I really dont have the right answer just that the best thing to do is to spread yourself. I considered putting money into a variety of currencies but Im still undecided on that. God knows what this year will bring, there is talk of the ECB reducing rates further.

dan_d

I'm an average joe, and not for one second would I put all my money in one bank.Had a row with a guy from a certain large bank who tried to tell me that I had to get their credit card and savings account, aswell as the current account I wanted to open, because their rates were so good.Em...no.
The point that really hit home for me in that article was the one about abolishing stamp duty for first time buyers.We were FTBs at the time and to be honest, the minute that happened, we stopped looking at new houses, and went straight for 2nd hand.For a number of reasons.Probably was the beginning of the end.I've no problem with the property thing, it was always going to happen (and I work in the construction industry).My problem is the likelihood that I'll have to pay more tax to bail the gov out, and get nothing in return.Crap public transport, a disastrous health service that I wouldn't touch with a ten foot pole etc etc......and I've had nothing to do with anything, and didn't benefit at all from the so-called boom.
I see an article on Sky today about smelting companies(is that right?!)in Austria not being able to keep up with the demand for gold ingots. Seems to be the way to go.

maninasia

stepbar wrote: »

A lot of people clearly don't understand the nature of banking and the varient nature of risk aversion amongst the retail banks. The author of the UCD article hasn't quoted one source for his finding. For a professor, it's a fairly shocking paper. Not saying what is said is true or false but the fact he has nothing to back it up with is equally shocking.

Eh he explained clearly the similarities between Japan and Ireland and the massive amount of risk involved...abnormal. Just people in Ireland thought Ireland was somehow abnormally 'gifted' and 'special' at the time, guess they were wrong.

D3PO

maninasia wrote: »

Eh he explained clearly the similarities between Japan and Ireland and the massive amount of risk involved...abnormal. Just people in Ireland thought Ireland was somehow abnormally 'gifted' and 'special' at the time, guess they were wrong.

well done you managed to drag up a 2 year old thread.

Bravo :rolleyes::rolleyes: