Recession

mormank

Hey guys.

I hate to start a potentially negative post. However I am currently living in Australia and left limerick before the recession really hit there. Is it realy as bad as i am hearing. I mean none of my mates seem to have jobs and they are all out of college two years or so now....How are some of the ways that you feel the recession has hit limerick the most. Try to remember that limerick wasnt all that before the recession so has it really gotten so much worse??

Thanks in advance for comments

Reason for thread:considering options post Australia.

Berty

mormank wrote: »

Try to remember that limerick wasnt all that before the recession

I think you have killed the thread all by yourself.

mormank

i merely said tht so people wouldnt embelish how far down hill it might have gone or whatever, you know what i mean...

Itsdacraic

It's pretty bad but it really depends on your line of work though. Things seem to have picked up a little bit in some areas. I know 3 lads who are accountants. They got let go over the past 3/4 months and all found work again fairly quickly. But on the flip side there are other mates who can;t find work, but to be honest I'd question how hard they are looking either. The recession word is a handy crutch for some people.

mikemac

OP, have your friends being unemployed since leaving college two years ago?

billy the squid

The recession really did start to bite in 2007. lots of small companies closing which went under the radar of the media. was like death by a thousand cuts to be honest.

There is some good news though, the Opera centre, new bus eireann depot, and egeneration projects will more than likely begin in 2010 and work on the tunnel is ongoing.

Add to that the possibility of work resuming on Parkway valley should the high court allow the Carroll portfolio of companies to be liquidated.

locally I would be more optimistic than I was this time last year. nationally all depends on the success of NAMA.

Enright

not looking to be a killjoy, but isnt the opera centre on hold? squabble of key tennent and the new shannon link, we wil have to pay for it!

Limerick/ Ireland and the rest of the world is going through a recession, it will end and things will get better

PS Thomond Park is brilliant addition to the city

billy the squid

we will have to pay for it, but it will create work, both in its construction, and maintainence.

Kess73

Enright wrote: »

not looking to be a killjoy, but isnt the opera centre on hold? squabble of key tennent and the new shannon link, we wil have to pay for it!

Limerick/ Ireland and the rest of the world is going through a recession, it will end and things will get better

PS Thomond Park is brilliant addition to the city

Yep the Opera house, the parkway valley centre, plus the Arthurs Quay redevelopment have all been pushed back to 2011/2012, and there is still no guarantee that work will begin/recommence then.

The Opera House has no main tenant and the Parkway Valley has had their main tenant pull out. The Coonagh shopping centre has no tenants for the 17 vacant units as any involved have pulled out, plus those for the Coonagh Retail park have pulled out also.


The spin being spun by local media is that all projects will suddenly spring to life when there is no backing to that.


Also the Opera House funding is involved in the Anglo Irish Bank affair with a figure of between 80 to 100 million euro being the Anglo Irish involvement. Which did catch my eye seeing as there has been no work warranting that kind of money so far.


As mentioned earlier the Parkway Valley is a Liam Carroll linked project, but as the High Court application he is making is to give him three to four years beofre he has to either restart work on projects or sell them off, I can see major delays on that if he is successful. Funny how Liam Carroll was able to send a threatening letter to one of his tenants who owed him €194 and even said on the letter, that was headed "Liam Carroll Credit collections", that he would go through the courts and take property of the creditor to the value of that 194 euros. Bit rich of him I thought when he is trying to slime his way out of billions that he owes. It made for interesting reading when both the letter and full story made it to the Indo, The Daily Mail, and the Business Post last week.

mormank

cheers for the replies.

sounds like we may have already gone through the worst of it then??

The future is only brighter hopefully. Will get a better idea closer to my time of return but it is good to get a more objective picture of whats happening. Some of my mates could be using the recession as a crutch as was suggested above.

Ah no pretty much all of my friends have been employed since college with alot of them losing their jobs in the past year or so since i left.

jbkenn

mormank wrote: »

sounds like we may have already gone through the worst of it then??

??.... we have'nt even started yet, we are bankrupt, have a look here http://www.financedublin.com/debtclock.php, we owe €69,716,000,000 when it started in July we owed €65,278,000,000, it has gone up, €4,438,000,000 since then, and, rising daily.
We are about to purchase through NAMA another €70,000,000,000 of "toxic debt" from the banks.
We are banjaxed for the foreseeable future.
Opera won't happen, Parkway will be a monument to stupidity, and, the least said about regeneration the better.

jbkenn