Who has our money?

Ironbars

It occured to me that a fair number of posts are highlighting the bad debts incurred by speculators/builders borrowing from Anglo (taxpayers bank), AIB and BOI who are both using taxpayers money to keep the wolves from the door.

http://www.boards.ie/vbulletin/showthread.php?t=2055494986

Anglo €40 billion + to speculators

Everyday some new information pops out, 40 individuals now owe approx €13 billion to this bank. This is INSANE.

BOI €37 billion loaned to speculators

AIB €49 billion loaned to speculators

Excuse my ignorance but who has this money? If the builders dont have it to repay the banks who did they give it to?

Money just doesnt disappear into thin air......

Is there a group of ex-landowners in Ireland with 130bn in the bank?

Maybe whoever has this money would consider giving it back

I do.

Now do my bidding.

Rb

Ok, could you kindly convince all the empty-but-built properties to start selling themselves please?

It's gone

I was talking to a carpenter-turned-property investor the other day who told me that he and his business partners currently owe over 15m to a bank which they have tied up in unsold properties, apparently all the banks have asked is that they give whatever they can whenever possible and completely interest free. Absolutely sickening really.

Rb

Rb wrote: »

Ok, could you kindly convince all the empty-but-built properties to start selling themselves please?

There's a good point- which place in Ireland has the most amount of empty property? I think there's something like 20m worth in Tuam, Co. Galway.

Ironbars

reaches for the KY, bends over. Im getting used to this :pac: if its not the publicans/taxis/shops or your ma it the banks

Quazzie

Ironbars wrote: »

Money just doesnt disappear into thin air......

This is where you are wrong. Sometimes it does. Sure didn't we pluck it out of thin air in the first place.

Ironbars

Rb wrote: »

Ok, could you kindly convince all the empty-but-built properties to start selling themselves please?

It's gone

I was talking to a carpenter-turned-property investor the other day who told me that he and his business partners currently owe over 15m to a bank which they have tied up in unsold properties, apparently all the banks have asked is that they give whatever they can whenever possible and completely interest free. Absolutely sickening really.

I thought about this but I concluded (maybe incorrectly?) that there cannot be 150bn worth of empty property, 1 billion max so I didnt ake it into account ;;;;

Rb

Deleted User wrote: »

There's a good point- which place in Ireland has the most amount of empty property? I think there's something like 20m worth in Tuam, Co. Galway.

There's a place called Carrickmines Manor out in South Dublin, 6 months ago they were looking for e600k+ for a basic 2 bed apartment/townhouse. They're currently taking e255k iirc and they're still not selling, but there's an enormous amount of properties out there and the retail value of them currently is probably worth 5m+, yet the best they can get at the moment is a few people in to rent them.

There's loads of new developments throughout South Dublin that haven't sold and are currently empty or just being rented. This is long term problem to say the least and I cannot see how they're going to recoup the money invested in them within at least the next 5 years.

Danbo!

Ironbars wrote: »

Money just doesnt disappear into thin air......

It's at Bill's house and... Fred's house

blah

It's in Bill's house and eh... Fred's house.

"Hey Fred, whatcha doin with my money in your house?!?"

*punch up*

AnonoBoy

"You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house; that's right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can."

Good old George Bailey.

[edit]^^^ God damn it[/edit]

blah

Stee wrote: »

It's at Bill's house and... Fred's house

Haha, I was 1 minute too late.

blah

AnonoBoy wrote: »

"You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house; that's right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can."

Good old George Bailey.

That actually does explain it to the OP pretty well. If people aren't willing to buy the houses at over and above what the developers spent on building them (with borrowed money) then the money really has "vanished".

Ironbars

Maybe I was a bit rash(i should really think before posting:(), beginning to realise the money is gone, just like every sunday morning after been on a mad one. Ireland has been drunk for ten years now comes the ten year hangover with nothing but depression/anxiety over the excess and the odd good memory to show for it.......

back in me box, im glad I started this in AH

brendanuk

When it comes out, there will be massive fraud and cover up

130billion is a very large number. Think how many average houses it could buy? Scale is out of proportion to me