Dublin Property Market Increase Sparks Fear Of A New Bubble

The Irish people do not need any reminding of the devastating effect that a property bubble can have. Back in 2008 when the property market in Ireland imploded the Irish banks had to go cap-in-hand to the Government for support. ‘Back us or the ATMs will stop working’ was the blunt message offered to the Irish politicians of the time. They duly obliged by underwriting the deposits held by the banks, preventing any mass withdrawal of funds by the public and financial institutions. The problem with the bank guarantee was that, while it kept the ATMs operating it also underwrote … Continue reading Dublin Property Market Increase Sparks Fear Of A New Bubble

Calls For End To Austerity As Ireland Plunges Back Into Recession

Those commentators who have been critical of the overuse of austerity policies in Ireland are claiming that Ireland’s plunge back into recession is proof of their views. Since 2008 the Irish economy has been battered by international forces beyond its control in addition to massive self-inflicted damage caused by a property market bubble and the near collapse of the Irish banking system. The effects were far-reaching. Unemployment stands at 13.7%, public services have been slashed, bitter wrangling continues between the Government and its own employees in the Civil and Public services. Emigration has soared to Famine-era levels while those left … Continue reading Calls For End To Austerity As Ireland Plunges Back Into Recession

Lose Your Cable TV If You Want a Mortgage Write-Down

The issue of mortgage write-downs or ‘debt forgiveness’ has been a very thorny one in Ireland ever since the Irish banks effectively collapsed and were taken into state ownership. Thousands of home-owners lost their jobs at about the same time as the value of their property plunged. They found themselves in negative equity, preventing them from selling their now-devalued property and trapping them in apartment blocks and rural housing estates in a vicious circle that is hard to escape. The realization that a certain level of mortgage write-downs would have to be granted was greeted with a mixture of despair … Continue reading Lose Your Cable TV If You Want a Mortgage Write-Down

Unfinished ‘Ghost Estates’ a Huge Problem in Ireland

The property boom that gripped Ireland during the 1990’s and the early part of the new century had a dreadful far-reaching effect when property prices crashed. The leading banks in Ireland had to go cap-in-hand to the Government for a bail-out which in turn bankrupted the economy and resulted in extensive loans being required from the EU/IMF ECB troika. On a wider perspective the property crash decimated the economy but also caused a lot of problems on a micro level too. Many Irish couples bought starter apartments in the hope that they could move to a bigger house when their … Continue reading Unfinished ‘Ghost Estates’ a Huge Problem in Ireland

Internet usage in Ireland to boost Irish economy by up to 6 Billion Euro

A report commissioned by media group UPC has revealed that as much as 6 Billion Euro could be contributed to the Irish economy by 2016, thanks to an increase in ecommerce activity. 2012 is expected to see spending of 3.7 Billion Euro, rising to 5.7 Billion Euro by 2016. This figure would constitute 7% of all consumer spending in Ireland. The report found that Irish adults who shop online spend an average of 116 Euro monthly. 80% of Irish adults now use the internet regularly, up from 50% in 2007. 45% of Irish consumers have made on online purchase in … Continue reading Internet usage in Ireland to boost Irish economy by up to 6 Billion Euro