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Strokestown **Mod Note in Post #4461**

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    #3662
    archer22
    Registered Users Posts: 2,116 ✭✭✭archer22


    Mad_maxx wrote: »
    Watching a report from strokesTown on the evening news, protest today seems to have drawn weirdo's from across the country but especially connemara for some reason?

    A load of old Shinner flags flying...but I didn't notice any Farming organisation banners there.

    So at least we got to see who is behind the pay for nothing movement.


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    #3663
    Topgear on Dave
    Registered Users Posts: 4,539 ✭✭✭Topgear on Dave


    end of the road wrote: »
    hardly. fg have gone from disaster to disaster since coming back into power. housing crisis. health crisis. everything else crisis.

    Do you ever remember a time when you looked at the front of that days paper and there wasn't a crisis and the government (any of them) wasn't in serious trouble over something?


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    #3664
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    AlekSmart wrote: »
    Spot on,I think you have posted earlier that use of a private residence as collateral for a business loan should be outlawed,and I would concur.

    However,in this particular case,we find a serial borrower,and apparently a businessman,with a long history of financial dealings with Banks.

    If anything can be taken from this sorry episode,it is the need for individuals such as Mr McGann to be tackled at a much earlier stage in the proceedings.

    What happens now may be a form of contagion amongst Financial Institutions (Which,whether anybody likes it or not,are a vital part of a functioning economy),which may now subject future borrowers to substantially more rigorous procedures !

    Rural Irish businesspeople may yet have much to thank this Gentleman for ?

    Using a personal residence for business loan collateral hasn't quite been outlawed per se, but none of the mainstream banks at least will take it as security for business lending these days. Might have happened in 2004 but its been tightened up a lot since


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    #3665
    omega man
    Registered Users Posts: 4,760 ✭✭✭omega man


    It’s refreshing to read the vast majority of well reasoned comments here in contrast to some other social media platforms. This event seems to have attracted the dregs of society and those who are just simply ignorant or extremely niave.


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    #3666
    For Forks Sake
    Registered Users Posts: 11,520 ✭✭✭✭For Forks Sake


    Can the McGanns defenders on here please have read of the below pertaining to the case of the mortgage (and that's before the VAT fraud and the string of other bad debts) and please enlighten me as to why they should be allowed keep their home.

    20i80b9.jpg

    105u1lk.jpg

    307nviu.jpg


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    #3667
    seligehgit
    Registered Users Posts: 9,286 ✭✭✭seligehgit


    Yes I've just read that Sunday Times article in the paper.

    Igniting a new land war.

    Here's the link

    https://www.thetimes.co.uk/edition/ireland/igniting-a-new-land-war-9h5p0275s

    You have to register to read it in full.

    Eye watering stuff,the level of apparent procrastination in relation to engaging the bank is outlined.


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    #3668
    WesternZulu
    Registered Users Posts: 1,940 ✭✭✭WesternZulu


    Seems like the most black and white eviction case you could think of.

    KBC acted with the patience of a saint and the thanks they get for it is knuckle draggers attacking their branches.


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    #3669
    padd b1975
    Registered Users Posts: 10,718 ✭✭✭✭padd b1975


    Absolutely infuriating the way these shysters are being indulged.

    Real whiff of Freeman guff about his later dealings.


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    #3670
    expectationlost
    Registered Users Posts: 11,778 ✭✭✭✭expectationlost


    For Forks Sake wrote: »
    Can the McGanns defenders on here please have read of the below pertaining to the case of the mortgage (and that's before the VAT fraud and the string of other bad debts) and please enlighten me as to why they should be allowed keep their home.

    20i80b9.jpg


    what were the two unencumbered properties ? all these various mcganns couldn't have been living in the house since 2003 so where were they living?


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    #3671
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Sycamore Tree wrote: »
    I did not realise there was a Capital letter crisis?

    Ahem.


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    #3672
    Grayson
    Registered Users Posts: 16,161 ✭✭✭✭Grayson


    So he's been in arrears for over 10 years and has made fcuk all effort to pay it off.


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    #3673
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    A €2.8m mortgage owed to the Bank of Ireland by its incoming chairman Patrick Kennedy has been costing him as little as €17,000 a year to service.
    An examination by the Irish Independent of the accounts for the Bank of Ireland Mortgage Bank for the years 2013 to 2017 shows that Mr Kennedy, best known for his former role as CEO of Paddy Power, owed a total of €2,823,000 throughout the period, with no reduction in the principal recorded
    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html

    Go after a farm in Roscommon first? Sounds smart and that would get everyone on side right?
    Why not go after these people first? That would take the wind out of the sails of the protesters.


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    #3674
    Wheeliebin30
    Closed Accounts Posts: 5,593 ✭✭✭Wheeliebin30


    [Deleted User] wrote: »
    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html

    Go after a farm in Roscommon first? Sounds smart and that would get everyone on side right?
    Why not go after these people first? That would take the wind out of the sails of the protesters.

    Because he engaged with the back and is paying money back????


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    #3675
    pablo128
    Closed Accounts Posts: 6,221 ✭✭✭pablo128


    Deleted User wrote: »
    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html

    Go after a farm in Roscommon first? Sounds smart and that would get everyone on side right?
    Why not go after these people first? That would take the wind out of the sails of the protesters.
    Would that be an interest only mortgage then? And if it is, why would he be pursued if he is paying it? I don't get your point.

    He is paying.


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    #3676
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Wheeliebin30 wrote: »
    Because he engaged with the back and is paying money back????

    hahahahahaha

    for a 2.8 MILLION euro place - he is paying less than many renters
    What sort of an equivalent write down is that on a dump in Roscommon then eh
    The BoI Mortgage Bank's latest annual report shows Mr Kennedy made payments totalling €17,000 - the equivalent of €1,416 a month in both 2017 and 2016


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    #3677
    G_R
    Moderators, Education Moderators Posts: 5,027 Mod ✭✭✭✭G_R


    Wheeliebin30 wrote: »
    Because he engaged with the back and is paying money back????

    Also, ya know, different bank...


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    #3678
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    Wheeliebin30 wrote: »
    Because he engaged with the back and is paying money back????

    You see the problem with this, is that earlier in the thread we read that McGann made some token gesture of repayment... something like a grand per month.

    And people here mocked the derisory nature of that, calculating the number of years it would take etc etc

    All fine and well.

    But this Kennedy guy, according to the headline in the link, is paying 1,400 per month on 2.8 million of debt.

    Do you see any double standard there, in terms of how the two boyos are perceived ?


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    #3679
    G_R
    Moderators, Education Moderators Posts: 5,027 Mod ✭✭✭✭G_R


    [Deleted User] wrote: »
    hahahahahaha

    for a 2.8 MILLION euro place - he is paying less than many renters
    What sort of an equivalent write down is that on a dump in Roscommon then eh

    If your man in Roscommon had of engaged with the bank instead of sticking his head in the sand he'd probably have gotten something similar.


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    #3680
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    pablo128 wrote: »
    Would that be an interest only mortgage then? And if it is, why would he be pursued if he is paying it? I don't get your point.

    He is paying.

    What happens if everyone pays the same equivalence?


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    #3681
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    pablo128 wrote: »
    Would that be an interest only mortgage then? And if it is, why would he be pursued if he is paying it? I don't get your point.

    He is paying.

    Oh dear. Please go away.
    In an effort to put Mr Kennedy's repayment figures in some perspective, the Irish Independent used the Bank of Ireland's online mortgage calculator to establish the monthly repayments on a mortgage of €2,823,000 over a term of 30 years at the quoted 3pc interest rate. Using these variables, the repayments for our theoretical borrower came to €12,208.55 a month.

    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html


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    #3682
    the butcher
    Registered Users Posts: 591 ✭✭✭the butcher


    Deleted User wrote: »
    hahahahahaha

    for a 2.8 MILLION euro place - he is paying less than many renters
    What sort of an equivalent write down is that on a dump in Roscommon then eh

    Ah sure he's paying back less than 2 euro an hour. He'll be done in about 165+ years at that rate. Sure isn't that great according to most on here :rolleyes:

    But yeah the sheep on here with their overpriced mortgages paying back over 30+ years would rather foam at the mouth over some farmer instead of this guy.


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    #3683
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    G_R wrote: »
    If your man in Roscommon had of engaged with the bank instead of sticking his head in the sand he'd probably have gotten something similar.

    He was offering something similar to what yer man is paying on a 2.8 million euro place. But far too late. Its obvious he is a shyster. I`m not trying to defend him. I`m trying to point out to people who dont understand the anger out there at how people are being treated differently.

    Its easy - you treat everyone equally and its far far harder to march out in support of a tax avoider but when you feel you`re being screwed by the bankers you can overlook somethings to hit back. Its a foolish mistake to ignore the inequality here especially if its true that there will need to be 15,000 evictions - how the hell would that go? It would tear up the country


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    #3684
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Lefty Bicek wrote: »
    Oh dear. Please go away.



    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html


    So the equivalence its only paying 11.5% of your normal mortgage and getting away with it.

    How much does yer man in Roscommon owe? Maybe we should bundle up the tax he avoided paying the get him an 'interest only' mortgage with that bank


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    #3685
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    From the same article...
    Mr Kennedy, who takes up the position of Bank of Ireland chairman this July, declined to comment.

    Quite magnificent.


    .


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    #3686
    Lefty Bicek
    Registered Users Posts: 1,625 ✭✭✭Lefty Bicek


    Deleted User wrote: »
    So the equivalence its only paying 11.4% of your normal mortgage and getting away with it.

    How much does yer man in Roscommon owe? Maybe we should bundle up the tax he avoided paying the get him an 'interest only' mortgage with that bank

    Maybe they'll make him Chairman of KBC !

    It's working for the other lad !

    :D


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    #3687
    For Forks Sake
    Registered Users Posts: 11,520 ✭✭✭✭For Forks Sake


    Deleted User wrote: »

    Go after a farm in Roscommon first? Sounds smart and that would get everyone on side right?
    Why not go after these people first? That would take the wind out of the sails of the protesters.

    Cease with the whataboutery and answer my question


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    #3688
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    For Forks Sake wrote: »
    Cease with the whataboutery and answer my question

    They shouldnt, i thought it was clear - i`m pointing out the dangerous inequality going on in Ireland - and how to take the wind out of the sails of the support behind the anti evictions.

    Its simple - you go after the big guys first, you get more bang for your buck anyway than going after a stupid rural farm in marginal Roscommon. If you can only see my points as whataboutery then i cant help you understand any further.


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    #3689
    ismat
    Registered Users Posts: 168 ✭✭ismat


    Why would you go after a man who clearly can pay his mortgage and is paying per the terms of his loan. It’s a mad country when the guy who is paying his way is perceived as the bad guy and the scrounger that pays no one is seen as some one to rally around


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    #3690
    blanch152
    Registered Users Posts: 27,347 ✭✭✭✭blanch152


    Lefty Bicek wrote: »
    Oh dear. Please go away.



    https://www.independent.ie/business/personal-finance/property-mortgages/bank-chiefs-2-8m-mortgage-costs-him-just-1400-a-month-36911457.html

    What does a story from May have to do with Strokestown?


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    #3691
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    ismat wrote: »
    Why would you go after a man who clearly can pay his mortgage and is paying per the terms of his loan. It’s a mad country when the guy who is paying his way is perceived as the bad guy and the scrounger that pays no one is seen as some one to rally around

    he isnt paying his mortgage, he is paying just over a tenth of it and has that deal because he is high up in the bank

    but lets all foam at the mouth over a farm in Roscommon, well done all round

    Evictions are just for the little guy anyway


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