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Stories from the Celtic Tiger Years Mod Warning in OP PLEASE READ

chops018

Does anyone have any good (or bad) stories from the Celtic Tiger years?

You always hear phrases about how people partied etc., was there just a constant flow of credit available to people and people actually taking the money e.g. was there actually teachers on circa €30k a year buying a house and car and an apartment somewhere.

I was in school and college during these years, graduated into the recession, so I didn't really see what was fully going on at the time bar the fact everyone was working and had money. My dad was working on the buildings on great money and my mam was working away also, we were never stuck really money-wise, also rent seemed to be a lot cheaper back then and fuel and also my college fees were only around €800 a year along with wages being fairly similar to what they are now (from what I can remember anyway, will stand corrected if I am wrong)

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pgj2015

PhilOssophy wrote: »

Maybe covered in the pages I haven't read yet. PLENTY of people (myself included) were thinking "this is madness" at the time. Just because they weren't saying it, didn't mean they weren't thinking it.

I spent my summer of leaving cert year on a site. I told the lads I was going to college in September. The sneery, condescending attitude was incredible. I remember one guy saying "you are going to study for 3-4 years to earn 20-25k, you could get a pass to drive a forklift (I can't remember the exact title) and you'd earn 3 times that in a few months." I didn't say a word and thankfully when I told my parents the story, my mother said to me "this won't last" and my father said "when the downturn comes, your education will stand to you more than the forklift pass". I never once heard them say that to anybody else and how right they were.

I see these lads all around me still, the lavish cars they were all driving at the time are now replaced by modest ones. Same story as many of the above.

A bit like most things in life, just because people don't say it doesn't mean people don't see through it. Unpopular opinions and all that.

Your parents were kind of right but say you did get the forklift pass, earned a lot of money for a couple of years, then you loose your job in the recession. you are unemployed for 9 months, then go to college. You would have got the back to education allowance, 204 euro per week, 500 euro for books every year for the next 4 years. also if you were 23 or above when you found yourself unemployed, you would have been a mature student so you could basically choose any course you liked.

riclad

And there were many people who bought 3 or 4 apartments to rent out, when property values went down by 50 per cent they had a difficult choice. Continue paying 200k mortgages on
units that were only worth 100k or else go bankrupt. And now we are at the end of the economic recovery facing high unemployment and many shops and pubs closing down due to the covid crisis.

Sultan of Bling

I worked in the building trade during the boom. I hated the work but the money was good.

I was still living with the parents so no overheads and saved regularly.

There were a lot of warnings starting to come in about the state of the economy around 2007. Comparing our reliance on property to London in the late 80s and Tokyo etc. I started to worry.

People around me just buried their heads in the sand. "It won't happen here", and still going out and buying foreign property

I very nearly caved in and came close to buying a 1 bed apt in dublin for 320000. I was desperate for my own place. During the recession the same apt were going for 120000. Thank God I didn't succumb.

I got a job in the civil service as a clerical officer in 2007. My take home pay dropped by just over half. I didn't care because I just had a feeling things were going to go pear shaped and I knew it guaranteed job security.

I was ridiculed by the lads on the site at the time.

It's funny now with covid 19 and the current economic crisis that we are the ones now earning too much.

Gorteen

Moved home from UK in 2000. Had sold house there and had approx 100k profit so was able to build house with no mortgage in the country. Wife & I worked in public sector and bank manager, who knew us personally, had us persecuted to take out mortgage on development "opportunities" as investment, guaranteed to be profitable, etc. It was a no-brainer to us because we had seen the property crash in UK in 1990's and could see this celtic tiger and Ireland was heading for similar. Remember parents of all kids under a certain age got €1000 per child as a one-off payment, the SSIA bonanza, etc...
I was chatting with a guy who told me he had borrowed €300,000 to buy a house in local provincial town. I was shocked because knowing that guy, I wouldn't have lent him €300 because he was a financial disaster... Needless to say the house was repossessed!

Montage of Feck

"Lifestyle " oh how I hate that word.

PhilOssophy

John_Rambo wrote: »

Amazing how many people claim they knew exactly what was going to happen during the boom and predicted what was going to happen. Particularly on the internet.

I come across them all the time now but never ever came across them during the boom.

They must be worth a fortune now.

Maybe covered in the pages I haven't read yet. PLENTY of people (myself included) were thinking "this is madness" at the time. Just because they weren't saying it, didn't mean they weren't thinking it.

I spent my summer of leaving cert year on a site. I told the lads I was going to college in September. The sneery, condescending attitude was incredible. I remember one guy saying "you are going to study for 3-4 years to earn 20-25k, you could get a pass to drive a forklift (I can't remember the exact title) and you'd earn 3 times that in a few months." I didn't say a word and thankfully when I told my parents the story, my mother said to me "this won't last" and my father said "when the downturn comes, your education will stand to you more than the forklift pass". I never once heard them say that to anybody else and how right they were.

I see these lads all around me still, the lavish cars they were all driving at the time are now replaced by modest ones. Same story as many of the above.

A bit like most things in life, just because people don't say it doesn't mean people don't see through it. Unpopular opinions and all that.

Pinch Flat

Optimalprimerib wrote: »

.... also remember the company as a treat hired Eddie Hobbs to come in and give us money advice. Told us to look at Bulgaria for property investment and put money in northern rock. We all know what happened there.

Ah yes. Eddie "Cape verde" Hobbs.

Optimalprimerib

Where I worked, lads were buying houses in the Dublin commuter zones such as Longford, portlaoise and Mullingar. They were doing their best to convince me to do the same but I held off thank fcuk.

They were miserable after buying them.

I also remember the company as a treat hired Eddie Hobbs to come in and give us money advice. Told us to look at Bulgaria for property investment and put money in northern rock. We all know what happened there.

[Deleted User]

Got a mortgage on my own at 26. The numbers were all based on renting the rooms, plenty of overtime and pay increases.

I was lucky that I got a few years before the crash and continued to rent a room but yeah, we went from credit cards and constant increases in salary and unlimited overtime one day to no overtime, wage reductions and no increases expected.

House went down from 400k to about 125k and I bought at 270k.

It was hairy and we struggled for a while because at the crash we were in a fixed rate of 6% for the house but came out the other side pretty much.

I have kids now so I won't be going back to those days even if it was possible and it's tighter now because it's all still in our memories but I'm also wiser and more cautious as a result.

I never went mad on drugs or anything but I know lads that did. Builders and bankers mostly. Big bonuses at Christmas, shares, triple time in Sundays and half the time they were hungover or high. Some crashed like me, some survived because they're industry wasnt effected. The builder was out of work for a few years and had only just bought his place so he was hit very hard.

Luckily none of us ended up homeless and while some have gone on to to very well overall, others are not rich but not poor.

You reap what you sow

NSAman

I worked my ass off during the “boom” made a lot of money but never spent it, probably for the best. Never understood how people were able to take holidays and buy all those new cars. Looking back I was probably lucky that I didnt get caught up in it all.

I remember going to purchase the first house that I bought. the mortgage broker asked me how much i wanted... just for giggles I asked how much I could get... he came back a few days later with a figure of 5 million.. to this day.. I am shocked that I would be even thought of as someone who could borrow that amount of money. I bought the modest house on a tracker (best decision ever) and that was the sum total of the borrowings.

When the boom was going I remember people wondering why I only had one house... why I didnt have the Marbella property etc etc... Was never brought up to be a borrower as such and could never see myself trying to pay back millions...

A few friends went broke, one committed suicide, the vast majority just couldn’t handle loosing the “wealth” they thought they had. I remember a friend (good job) got married to this wan.... they had a nice smaller home but it wasn’t enough, sold it and bought a massive 5 bed for them and the two kids. Herself had the best of everything in the house, dressed to the nines... one night I met him for a drink... he was very down, asked me how I managed to keep sane. while talking he mentioned his finances and asked me to see if there was anything I could do.

to say I was shocked that a guy earning a good salary was literally living off his credit card and couldn’t pay it was a massive shock. his missus who i never got on with, was a teacher, flatly refused to even go back to work. Eventually after lots of fights, she had to, the house had to be sold and eventually they broke up.

joxer1988

Only one memory for me given my age...

In 2007, I was playing for the under 18s youth team of an LoI football club. I was the only lad doing the Leaving Cert in a team of 17 year olds. Rest of the team was working on a site making a few quid.

Came up in training one evening, why I was still in school doing the leaving when I could just drop out and work... The team manager (only adult in the group) said that I was "brain-dead" for sticking it out.

Was a bit of a weird scenario for me, playing football with working class lads but being middle class and quite privileged myself. I was lucky that because of my parents, I didn't need to work at 17/18... was able to sit the Leaving and take the career opportunities that came thereafter.

Didn't stay on touch with that team. Sometimes think about what they're up to now, I'm sure post-tiger era wasn't kind. Some class footballers though, I was out of place in that sense too!

jimmy180sx

My ould lad brought a villa out in Turkey. Fair play to him still managed to keep the mortgage going during the recession. Its now fully paid for and is used regularly for holidays by most in the immediate family.

Lewis_Benson

thecretinhop wrote: »

Forget this one.
was in college in dublin was at a talk by some clown. After wine had row with advertising and marketing clowns. at end about 12 bottles of wine 5 or 6 just opened.
Pissed, staff said take them.
like a trooper marched to home digs.
on bus next day got home.
Christmas 23rd de loads of tarquins and soairses.
All de way back hearing how expensive presents they had all bought.
i started sweating, i had all de wine in me bag.
got home checked corks bout a millimeter on a good few from coming off....

What?

RandomViewer

80's weren't that bad , no one had any debt,didn't have a bank account until the mid 90's, everything you were paid was yours to spend as you please, nightclubs were full every weekend ,some even on weeknights, 2009 was different , whole place went wallop overnight

RandomViewer

Muscles Schultz wrote: »

Say again? English please....

I understand it

Ipso

pgj2015 wrote: »

He was right. a chipper is a business that does well in a recession.

May even have been a step up, given that the other industry was steeped in bull sh1t.

Pinch Flat

Came back from London in 2000 - almost 20 years to the day

. I'd worked in London for 5 years since graduating. Made a few quid but nothing crazy. Saved enough for a deposit on a gaff.

Got a job with a tier one contractor. Was earning ok money but decided to jump ship after 12 months. They had an interesting expenses scam going on where you pretty much made up your travel expenses and got a fair bit of your salary tax free. I couldn't believe it coming from London where everything was pretty much above board.

Anyway as things evolved over 2002 - 2007 you heard some crazy stories. Like one work colleague who bought a €3000 tv / home cinema system on his credit card in xtravision On a random Tuesday night while returning a DVD. Same guy bought a €60k beamer on tick.

Another guy bought a really nice apartment in a fancy development in the dublin mountains. It was an old stately home that was converted into high end apartments. He had a €65k Audi and for good measure another house in his home town rented out as an "investment". Guy was like 2 or 3 years out of college.

Another couple we knew flew our to Bulgaria for a property expo. We fought up when they came back - decided to buy 2 apartments on sofia such was the value.

Banks were sending out loans for €40k presented in your post box every now and again.

We knew couples with 7 or 8 properties. Absolutely up to their eyes. But played the banks for years after the crash and came out the other end.

madmaggie

cj maxx wrote: »

200% agree. Some will never admit that their high life was bought on credit , and even when it was all repossessed it was someone else's fault but they're still acting the big shot . Fur coat and no knickers comes to mind

I know what you mean. People near me, tens of millions in debt, but still part of the horsey set. They look down on me, and I don't owe a penny.

riclad

Its not the same now. Banks will lend you 3.5 times your salary . and you need to save a 20 per cent deposit .the banks are regulated .
Our whole economy is not based on the building industry .

For Forks Sake

Muscles Schultz wrote: »

Tasty wee lass that ching ching wan. What ever happened to her?

Got reposessed in 2009

addaword

Odelay wrote: »

Does anyone have a link to the school teacher on Liveline complaining during the bust about how was she meant to keep up repayments on her holiday home?

No, but I remember on the RTE new some feature about a Dubai property exhibition in Ballsbridge, and RTE were there a did a quick minute interview with 2 young teachers who were buying investment properties in Dubai / came out having paid a deposit. They looked only late twenties / early thirties, wonder how it worked out for them.

The estate agents loved teachers and lecturers as they all said they were the biggest buyers of holiday homes during the tiger period.

posturingpat

cj maxx wrote: »

Because the company is making more than enough money off your back during the week , the crew will work hard for the week and cover themselves , Saturday work is like a bonus or tiding up.
Last thing the crew needs is a student ringing the foreman

Ah here, I wasn't that stupid to be ringing him if I was thinking I'd hang someone. He was basically one of the lads that just happened to be the foreman as he was there the longest.

John_Rambo

posturingpat wrote: »

On the same job there were lads my age painting(not trained/skilled decorators) just walked in and given a roller to paint walls and were getting 25euro an hour :eek:
Also now that I think of it this was the same job that had a smoking area that stunk of weed every second of the day and another thing was each welder had their own employee that followed them around with a fire extinguisher all day in case he went up in flames.

The so called dilution of trades. I'd heard about that, people that didn't serve time as apprentices calling themselves carpenters, etc... I think most of them were found out when things went wallop.

cj maxx

posturingpat wrote: »

Uncle got me a summer job on a massive building site around 2003/2004 on my summer holidays.
I would have been about 16 and was getting 100 euro a day working 8 or 9 until 4 or 5.
2 or 3 weeks in I was informed I could work any Saturday I wanted for the morning and get paid 100 euro to work 9-12 so I was only too happy to take it.
First Saturday I landed in I expected to have a full on morning so they could get their moneys worth out of me. Half 9 and still none of the other members of our company were on site, rang a few of the lads and couldn't get them, eventually got the foreman. Said none of the other lads would be in they don't bother with Saturdays(they would've been on a lot more than 100 a day) but for me to do a bit until 12 if I could find any work and if not just hang around and make sure to sign out at the security hut. I made sure to get plenty done.
Come Monday I was expecting to be asked what had I done the Saturday but not a peep,later in the week I asked what was the story with the following Saturday and was told I could come in again if I want just make sure to sign in as once I'm there they'll get paid for me being there.
After that my Saturdays consisted of landing into work hungover/still drunk, walking around the site so my face was seen if there ever was any question of me actually being there. I'd then go to the portaloo and have a nap until half 11 and get up do another lap of the site and head home. Handy money for a teenager :pac:
On the same job one weekday I needed a key to get into a hut for some tools but couldn't find anyone, one of the areas we were working on was plastering in a massive room for a tank and had a scaffold that went about 30 foot up and was the width of the room.
Climbed up it to see if I could find anyone and there was basically my entire crew playing a game of poker and listening to a football match, must've been the Euros on or something.
Wonder how that company ever went bust. What I also wonder is how much they were getting paid for my overtime Saturday to be able to give me 100 for a few hours doing nothing. Crazy stuff.

Because the company is making more than enough money off your back during the week , the crew will work hard for the week and cover themselves , Saturday work is like a bonus or tiding up.
Last thing the crew needs is a student ringing the foreman

posturingpat

antimatterx wrote: »

That's incredible, but I well believe it. My dad and my uncles have worked in construction for the last 30 years, and the money during the boom was incredible.

On the same job there were lads my age painting(not trained/skilled decorators) just walked in and given a roller to paint walls and were getting 25euro an hour :eek:
Also now that I think of it this was the same job that had a smoking area that stunk of weed every second of the day and another thing was each welder had their own employee that followed them around with a fire extinguisher all day in case he went up in flames.

Muscles Schultz

thecretinhop wrote: »

lol ok

end if year seminar some guest speaker

hated most in course got pissed

due to celtic tiger wine was top notch

about a few hundred e of wine being thrown out

i took it home on bus

some of wine was recorked

by the talk on de bus bus suitcase area wedged with expensive presents.

my 5 or 6 litres of wine lol u get it?

Dafuq? Makes even less sense than the first attempt !

antimatterx

posturingpat wrote: »

Uncle got me a summer job on a massive building site around 2003/2004 on my summer holidays.
I would have been about 16 and was getting 100 euro a day working 8 or 9 until 4 or 5.
2 or 3 weeks in I was informed I could work any Saturday I wanted for the morning and get paid 100 euro to work 9-12 so I was only too happy to take it.
First Saturday I landed in I expected to have a full on morning so they could get their moneys worth out of me. Half 9 and still none of the other members of our company were on site, rang a few of the lads and couldn't get them, eventually got the foreman. Said none of the other lads would be in they don't bother with Saturdays(they would've been on a lot more than 100 a day) but for me to do a bit until 12 if I could find any work and if not just hang around and make sure to sign out at the security hut. I made sure to get plenty done.
Come Monday I was expecting to be asked what had I done the Saturday but not a peep,later in the week I asked what was the story with the following Saturday and was told I could come in again if I want just make sure to sign in as once I'm there they'll get paid for me being there.
After that my Saturdays consisted of landing into work hungover/still drunk, walking around the site so my face was seen if there ever was any question of me actually being there. I'd then go to the portaloo and have a nap until half 11 and get up do another lap of the site and head home. Handy money for a teenager :pac:
On the same job one weekday I needed a key to get into a hut for some tools but couldn't find anyone, one of the areas we were working on was plastering in a massive room for a tank and had a scaffold that went about 30 foot up and was the width of the room.
Climbed up it to see if I could find anyone and there was basically my entire crew playing a game of poker and listening to a football match, must've been the Euros on or something.
Wonder how that company ever went bust. What I also wonder is how much they were getting paid for my overtime Saturday to be able to give me 100 for a few hours doing nothing. Crazy stuff.

That's incredible, but I well believe it. My dad and my uncles have worked in construction for the last 30 years, and the money during the boom was incredible.

mikemac2

Pint of Guinness was around 3.50 in Dublin while in the hotel I worked in Tipperary we charged 3.15.

Reasonable at the time

I got abused by Dublin couples about our prices. Why oh why do customers think the minimum wage student decides the prices.

Meanwhile their BMW X5 outside was depreciating hundreds by the week. BMW X5 was incredibly popular during the boom. Most owners wouldn't know how or have the strength to hitch a horse trailer but for some reason wanted such a vehicle.

Go-to line to a night porter who refuses service for a drink was "I´ll buy this hotel in the morning". But then I knew the people who said this had creditors all around the town.

The richest person in our mid sized town in Tipp came in a few evenings a week for a few quiet pints and a read of the newspaper. Courteous to staff and we all liked him. Top fella and never felt the need to put down minimum wage workers.

cj maxx

tonycascarino wrote: »

100% agreed. There are many around still trying to pretend that the recession didn't affect them when in fact they haven't two cents to rub together in reality. They can't let go of the fake Celtic Tiger image they created for themselves from borrowed money.

200% agree. Some will never admit that their high life was bought on credit , and even when it was all repossessed it was someone else's fault but they're still acting the big shot . Fur coat and no knickers comes to mind

hoodie6029

One more slightly darker one that shows some of the greed and criminality of the boom. A wealthy local business man noticed an estate being built on some of his land one day.
Long story short, turns out his nephew bribed a person in the registry of Deeds to change the title of the land to his name. Applied for and got planning for the houses. The houses still stand today. I think the Uncle was eventually compensated by the State. Not sure how the family relationship is...

One lighter one. Was in the bike shop one day getting some bits around 2005. Kid of about 13 comes in to pick up a brand new BMX costing a few hundred. Owner is saying what a nice bike it is etc. Kid says ‘I know, this is a replacement. I got another last week and smashed it up doing tricks.’ The parents had give him the money to replace it!