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JP Morgan Boss Slams Dublin Transport Infrastructure

  • 18-05-2017 3:51pm
    #1
    Banned (with Prison Access) Posts: 1,121 ✭✭✭


    Says it'll be the main reason why Dublin will probably lose out on the bulk of Brexit relocations.

    Wonder if the "buses are enough", "Dublin too small for a metro!" ..and Ciarian Cuffe "western rail corridor comes first" are happy now.


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Comments

  • Registered Users Posts: 25,313 ✭✭✭✭coylemj


    Fine, let them feck off to Paris or Frankfurt.

    Seriously, the housing market here is bad enough at the moment, imagine what the sudden influx of 1,000 or so bankers on massive salaries will do to it, we simply cannot absorb them, never mind what they think of our transport 'infrastructure'.


  • Registered Users Posts: 5,606 ✭✭✭schemingbohemia


    ClovenHoof wrote: »
    Says it'll be the main reason why Dublin will probably lose out on the bulk of Brexit relocations.

    Wonder if the "buses are enough", "Dublin too small for a metro!" ..and Ciarian Cuffe "western rail corridor comes first" are happy now.

    Did s/he say this to you in person or could you perhaps provide a link?


  • Registered Users Posts: 1,375 ✭✭✭Boulevardier


    Some London bankers apparently gave the lack of Michelin-star restaurants in Dublin as a reason for them not to relocate!

    Nevertheless, you are right. Housing and transport are potentially fatal problems. if so, we will richly deserve to lose those jobs because of our failure to bother to do anything about either issue.


  • Registered Users Posts: 9,370 ✭✭✭Phoebas


    coylemj wrote: »
    Fine, let them feck off to Paris or Frankfurt.

    Seriously, the housing market here is bad enough at the moment, imagine what the sudden influx of 1,000 or so bankers on massive salaries will do to it, we simply cannot absorb them, never mind what they think of our transport 'infrastructure'.

    They are coming to Dublin - just bought a building that can hold 1000 staff.

    Whatever they think about the infrastructure, JP Morgan think we can absorb them.


  • Moderators, Motoring & Transport Moderators, Technology & Internet Moderators Posts: 22,446 Mod ✭✭✭✭bk


    I've long be saying this. We are far too small minded in this country.

    We have many great natural advantages:
    - English speaking
    - Lots of well educated people
    - Generally very good reputation around the world, people like the idea of coming here to work (at least until they look into the details of housing, transport, etc.)
    - Business friendly government

    But we then totally shot ourselves in the foot by not offering the infrastructure that such companies and their employees require:

    - Lots of very tall office buildings in the same location
    - Lots of very tall apartment buildings near them, with quality but affordable apartments for their employess.
    - Medium density (6 to 8 storeys) through out the rest of the city, with decent, affordable, quality apartments in them.
    - High quality public transport throughout the city, to make fast and easy to get around (Metros, Darts, trams, high quality bus services), oh and at least the core network running 24/7
    - High quality bike paths and bike infrastructure.
    - Modern, non religious schools near by (remember many of the foreigners who come here aren't Catholic or religious at all and don't want to put up with the bs catholic education system here).

    Brexit is going to hurt our economy greatly. We had a golden opportunity to become the alternative to London post Brexit and limit some of that damage. But no unfortunately too much small mindedness will continue to hold us back.


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  • Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • Registered Users Posts: 1,335 ✭✭✭SPDUB


    bk wrote: »

    Brexit is going to hurt our economy greatly. We had a golden opportunity to become the alternative to London post Brexit and limit some of that damage. But no unfortunately too much small mindedness will continue to hold us back.

    There is various reasons to decry lack of various infrastructure in this country but Brexit isn't one of them given A it only happened 11 months ago and B nobody actually thought they would win


  • Moderators, Motoring & Transport Moderators, Technology & Internet Moderators Posts: 22,446 Mod ✭✭✭✭bk


    SPDUB wrote: »
    There is various reasons to decry lack of various infrastructure in this country but Brexit isn't one of them given A it only happened 11 months ago and B nobody actually thought they would win

    Fair enough, but either way we should have been building the infrastructure to compete with London, either way, just like Frankfurt, Amsterdam, etc. have been doing.

    MY point about Brexit is more that we should have been better placed to take advantage of it and that it is pretty insane that in the past 11 months, our government continues to long finger the necessary investment, rather then promising to build it and capture as much of the investment as possible.


  • Registered Users Posts: 12,363 ✭✭✭✭Del.Monte


    Ah, but when Brexit proves to have been the correct decision all the jobs and investment will be flowing into Britain.


  • Closed Accounts Posts: 5,482 ✭✭✭Hollister11


    10 minute DARTS were due a year ago, and still aren't here due to driver strikes. That's laughable, a company being held back because the workers aren't happy.

    Sack them. It's a pretty good job, there will be plenty of takers.


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  • Banned (with Prison Access) Posts: 1,121 ✭✭✭ClovenHoof


    Phoebas wrote: »
    They are coming to Dublin - just bought a building that can hold 1000 staff.

    Whatever they think about the infrastructure, JP Morgan think we can absorb them.

    But he said in the Times business section that it won't be a trend as Dublin comes out very poor in surveys for no metro. JP will be the exception. Not the rule.

    I can only imagine the typical Irish business gob****e still acting and looking like Arthur Daley taking his cigar out while listening to this going "wha?"


  • Registered Users Posts: 9,370 ✭✭✭Phoebas


    ClovenHoof wrote: »
    But he said in the Times business section that it won't be a trend as Dublin comes out very poor in surveys for no metro. JP will be the exception. Not the rule.

    I didn't see this thing about him saying that 'it won't be a trend as Dublin comes out very poor in surveys for no metro' or that we will 'lose out on the bulk of Brexit relocations'
    Did he actually single out our lack of a metro or is this you paraphrasing?

    The Irish Times piece I think you are referring to is re-reporting of a FT piece, but all he says that I can see is this:

    “The binding constraint in Ireland isn’t really around the supply of qualified people; it’s around infrastructure — the infrastructure in the city, the supply of housing . . . the capacity in the school system, the domestic transport infrastructure,”


  • Closed Accounts Posts: 262 ✭✭boobycharlton


    coylemj wrote: »
    Fine, let them feck off to Paris or Frankfurt.

    Seriously, the housing market here is bad enough at the moment, imagine what the sudden influx of 1,000 or so bankers on massive salaries will do to it, we simply cannot absorb them, never mind what they think of our transport 'infrastructure'.

    It's this attitude that contributes to us having crap infrastructure.

    Also use a bit of common sense, if bankers "on massive salaries" can afford to live in exorbitantly priced housing in London, Dublin will be no problem. The housing crisis here isn't affecting rich folks.


  • Registered Users Posts: 1,943 ✭✭✭tabbey


    Phoebas wrote: »
    They are coming to Dublin - just bought a building that can hold 1000 staff.
    .

    If you read the article, 1000 is the potential workers in all three blocks. JPM only took one block, for up to 500.


  • Registered Users Posts: 90 ✭✭Khuitlio


    tabbey wrote: »
    If you read the article, 1000 is the potential workers in all three blocks. JPM only took one block, for up to 500.

    Actually the building they bought is for 1,000 employees. They currently employee 500 so could hire up to 500 more.


  • Registered Users Posts: 9,370 ✭✭✭Phoebas


    Khuitlio wrote: »
    Actually the building they bought is for 1,000 employees. They currently employee 500 so could hire up to 500 more.

    According to the developers, in the block they bought, each floor has capacity for between 122 and 196 workspaces and there are 7 office floors above ground, so 1000 should easily be doable.


  • Registered Users Posts: 8,295 ✭✭✭n97 mini


    10 minute DARTS were due a year ago, and still aren't here due to driver strikes. That's laughable, a company being held back because the workers aren't happy.

    Sack them. It's a pretty good job, there will be plenty of takers.

    10 minute *off peak* DARTs benefit very little. We have city centre stations with off peak services hourly (Drumcondra) or closed entirely (Docklands). We need a network of electrified trains, not one North-South line.


  • Registered Users Posts: 14,326 ✭✭✭✭jimmycrackcorm


    You mean 1000 well paid taxpayers to contribute to paying for social housing?

    I don't blame them giving out about the infrastructure. I got the bus in this morning, almost a half hour crawling along the quays. Ban private cars on the quays from 7 am till 9:30 would do wonders for pubic transport.


  • Registered Users Posts: 33,832 ✭✭✭✭Hotblack Desiato


    bk wrote: »
    Brexit is going to hurt our economy greatly. We had a golden opportunity to become the alternative to London post Brexit and limit some of that damage. But no unfortunately too much small mindedness will continue to hold us back.

    Such as that 'we need a counterpoint to Dublin, it's too big' nonsense. Dublin is the engine of the economy of the whole country.

    Many of these people are still living under the delusion that their taxes fund Dublin when quite the opposite is true.

    We should somewhat increase property taxes in Dublin but keep every single cent for infrastructure spending in the greater Dublin area with a mayor and GDA authority to oversee it. What the rest of the country needs to realise is that what is good for Dublin is good for Ireland and get over their Dublin envy. There can only be one capital city and every country has one.

    Growth in employment in Dublin, especially high wage employment, will yield great economic benefits through taxes to the country as a whole, and the infrastructure needed to facilitate this will pay for itself many times over.

    Life ain't always empty.



  • Registered Users Posts: 8,295 ✭✭✭n97 mini


    We should somewhat increase property taxes in Dublin

    Dublin already has the highest property taxes in Ireland. Maybe it'd be better to increase property taxes in places like Donegal, among the lowest in Ireland and receiving transfers from Dublin, so that more of Dublin's property taxes could stay in Dublin.


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  • Moderators, Motoring & Transport Moderators, Technology & Internet Moderators Posts: 22,446 Mod ✭✭✭✭bk


    Such as that 'we need a counterpoint to Dublin, it's too big' nonsense. Dublin is the engine of the economy of the whole country.

    Yup, Dublin isn't competing with Cork, Limerick, etc. it is competing with London, Frankfurt, New York, San Francisco, etc.

    It is competing to win the biggest companies and the smartest employees.

    That isn't to say that Cork, Limerick, etc. shouldn't get investment too, they should. But they just have to be realistic about the type of investment and focus on different industries then Dublin, for instance Cork and the pharmaceutical industry.


  • Registered Users Posts: 4,331 ✭✭✭Keyzer


    bk wrote: »
    I've long be saying this. We are far too small minded in this country.

    We have many great natural advantages:
    - English speaking
    - Lots of well educated people
    - Generally very good reputation around the world, people like the idea of coming here to work (at least until they look into the details of housing, transport, etc.)
    - Business friendly government

    But we then totally shot ourselves in the foot by not offering the infrastructure that such companies and their employees require:

    - Lots of very tall office buildings in the same location
    - Lots of very tall apartment buildings near them, with quality but affordable apartments for their employess.
    - Medium density (6 to 8 storeys) through out the rest of the city, with decent, affordable, quality apartments in them.
    - High quality public transport throughout the city, to make fast and easy to get around (Metros, Darts, trams, high quality bus services), oh and at least the core network running 24/7
    - High quality bike paths and bike infrastructure.
    - Modern, non religious schools near by (remember many of the foreigners who come here aren't Catholic or religious at all and don't want to put up with the bs catholic education system here).

    Brexit is going to hurt our economy greatly. We had a golden opportunity to become the alternative to London post Brexit and limit some of that damage. But no unfortunately too much small mindedness will continue to hold us back.

    Couldn't agree more with this post. The lack of foresight and capacity planning in this country, especially when it comes to Dublin given its the capital city, is beyond astounding.

    The capital city is, in my eyes, 20 years behind the pace in terms of transport, housing, schools etc.


  • Closed Accounts Posts: 910 ✭✭✭BlinkingLights


    Well we've failed to ever invest in proper public transport in Dublin and we look like we are about to repeat the same issue in Cork.

    Compare like with like here:

    For example Dublin vs Brussels as locations. Dublin isn't really comparable to Paris, London or New York in terms of scale at all.

    Brussels has four metro lines and a really good semi-underground modern tram network called the "pre-metro" with a further three lines. On top of that it has overground trams and busses reaching everywhere. You've also got 8 heavy rail train lines that include local and long distance computer train. You also have long-established and very advanced integrated ticketing system now run on contactless cards called Mobib. It is far more tied together than Leap.

    Dublin has two overground trams and a coastal electric railway and a few infrequent commuter lines operated by diesel trains, with the vast majority of suburbs having no no rail. The bus network is dense, but it's nothing amazing.

    Dublin has better air connectivity, but Brussels has high speed continental train connections.

    Housing:

    Dublin - expensive and in the rental sector, poor supply and bad quality.

    Brussels - not cheap, but has good quality houses. In the rental side of things the market is far more regulated and there are plenty of very high quality, reasonable apartments and houses available at rent that isn't backbreaking. It's a far more regulated and established rental market. You can find everything from very short term term lets (furnished) and aimed at business people, furnished 1 year leases to unfurnished longer leases that are aimed at people who may want to stay for more than a few years, or permanently.

    Social life : similar - both are very full of vibrant bars, have good arts and cultural scenes and have similar scale of museums and public galleries and attract similar levels of gigs.

    Office accommodation:

    Brussels probably has more sitting ready to go than Dublin has.

    What's hampering Dublin has been lack of state vision for public transport for decades. These aren't projects you just do in a single government term. You need to be working 30+ years out. Brussels does that, Dublin doesn't.
    Part of that is attitudinal - we never really spent on proper public transit infrastructure here and part of it is economic, Ireland was not a wealthy country in the mid-20th century running up to the 80s whereas Belgium and most continental countries and the UK come from a much more economically solid foundation. Ireland is relatively nouveau riche

    Irish planners also tend to benchmark against the UK and New Zealand and other places that are English speaking and in many cases those places are very poor at planning and transit too. Shortermism and neoliberal economics having been the main driving forces for the past few decades in much of the English speaking world.

    Then you've the housing crisis which is largely caused by a combination of poor planning and the financial system crash in 2008/9. We were building huge numbers of houses and apartments and went from a situation where we were meeting demand to one where we just had the whole system fall over and all construction stop. That's why there's a housing and homelessness issues in Dublin, Cork etc. The fact that houses were built in places that nobody wanted to live - remote rural housing estates etc and may never have real value is another issue entirely but they are often just conflated together and.

    Ireland's currently not meeting housing demand and urgently needs to get investment in.

    If there's huge demand in Dublin, you would think that it would be bringing large multinational property developers in to meet it if the local ones aren't capable of doing so. So, there's clearly something restricting that from happening right now. A serious lack of vision on allowing large scale, architecturally attractive developments seems to be a major stabling block. We have everything setup to facilitate people flipping old residential houses into apartments, small time developers and so on and a paranoia about high rise.

    Even Cork seems to be prepared to go higher rise and denser in a way that Dublin isn't.

    I'm not saying that Dublin won't land some investments, it certainly will and has a lot of selling points in terms of business culture, language and legal system similarities to the UK that put it at huge advantage.

    We also need to avoid repeating the same mistakes in Cork in particular, but also Galway, Limerick and Waterford.

    Realistically, Dublin should have at least a couple of metro lines (and they should have gone in back in the first boom) and several Luas lines - most big suburbs should at least have a Luas perhaps connecting to an underground central station.

    Cork at this stage should at least have a Luas-type tram serving Carrigaline and Balincollig and they should have put in electric light rail to Midleton, Cobh etc (probably a modern tramway system.

    We keep going with the crappy short term view and using diesel trains on commuter routes instead of just running some wires and taking advantage of environmentally friendly wind power etc etc to drive them

    We'll never get our eco footprint down doing what we're doing.

    On public transport in particular, we have to stop thinking short term and small.


  • Registered Users Posts: 1,793 ✭✭✭Sebastian Dangerfield


    Phoebas wrote: »
    They are coming to Dublin - just bought a building that can hold 1000 staff.

    Whatever they think about the infrastructure, JP Morgan think we can absorb them.

    As far as I know they are bringing just their fund servicing business - Custody, Admin, Depositary. All of the asset management is going elsewhere.


  • Closed Accounts Posts: 222 ✭✭Ted Plain


    ClovenHoof wrote: »
    Says it'll be the main reason why Dublin will probably lose out on the bulk of Brexit relocations.

    Wonder if the "buses are enough", "Dublin too small for a metro!" ..and Ciarian Cuffe "western rail corridor comes first" are happy now.

    "The buses are enough" say those who never take them themselves.


  • Registered Users Posts: 9,370 ✭✭✭Phoebas


    "The buses are enough" say those who never take them themselves.

    Exactly who said "The buses are enough"? An actual person or an invented caricature?


  • Registered Users Posts: 24,468 ✭✭✭✭Cookie_Monster


    Well we've failed to ever invest in proper public transport in Dublin

    This is actually not true and only makes it worse. Dublin had a world leading tram network back in the day. Then someone though a bus was better and it all disappeared. :(


  • Registered Users Posts: 4,331 ✭✭✭Keyzer


    This is actually not true and only makes it worse. Dublin had a world leading tram network back in the day. Then someone though a bus was better and it all disappeared. :(

    You're talking about a tram system from 70 years ago. Buses, at the time, we're an improvement on the old tram system.

    Massive investment in the transport infrastructure is required in Dublin and the country as whole. Our rail system in Dublin is beyond a joke with a huge choke-point between Connolly - Tara - Pearse.

    Trains from Maynooth still stop (for a significant amount of time) or slow down on approach to Connolly in the morning due to capacity issues. This has been going on since I first began travelling into the city for work over 20 years ago.

    Regardless of the government in charge, Dublin and the country as whole, needs a strategic 20-30 year plan to progressively improve our infrastructure. If we don't get our sh1t together soon we'll regret it for generations to come.


  • Registered Users Posts: 24,258 ✭✭✭✭lawred2


    coylemj wrote: »
    Fine, let them feck off to Paris or Frankfurt.

    Seriously, the housing market here is bad enough at the moment, imagine what the sudden influx of 1,000 or so bankers on massive salaries will do to it, we simply cannot absorb them, never mind what they think of our transport 'infrastructure'.

    yeah because rich bankers have always been known to compete hard for 3 bed semis in Dublin 15

    absolutely ridiculous backwards point of view to hold


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  • Registered Users Posts: 12,363 ✭✭✭✭Del.Monte


    lawred2 wrote: »
    yeah because rich bankers have always been known to compete hard for 3 bed semis in Dublin 15

    absolutely ridiculous backwards point of view to hold

    What about the cascade effect or do you think that there are 1,000 'rich banker stye' houses/apartments waiting for them to move into? Of course it would affect the housing market.


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