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All banks don't seem to be singing from the one hymn sheet but why?

  • 03-05-2013 10:56am
    #1
    Teaandcoffee
    Registered Users Posts: 94 ✭✭


    Lot's of restructuring of mortgages taking place, contrary to what the media would have us believe; are the foreign banks who are licensed to practice here playing by the same rules? One particular institution, without naming, (very developer & farmer friendly back in the day) seem to be more excitable than others when it comes to eviction, why so?


Comments

  • #2
    gaius c
    Registered Users, Registered Users 2 Posts: 3,528 ✭✭✭gaius c


    Teaandcoffee wrote: »
    Lot's of restructuring of mortgages taking place, contrary to what the media would have us believe; are the foreign banks who are licensed to practice here playing by the same rules? One particular institution, without naming, (very developer & farmer friendly back in the day) seem to be more excitable than others when it comes to eviction, why so?

    Because they won't get bailed out by the Irish taxpayer, want to cut their losses and intend to beat the Irish banks to the punch?

    Our pillow banks don't care what losses they incur because sure the stupid taxpayer will bail them out again. They are also more susceptible to political pressure here. So they'll wait while the foreign banks are busy repossessing & firesale-ing and finally move out of their inertia when the market is in even worse a state than it is now.


  • #3
    antoobrien
    Registered Users, Registered Users 2 Posts: 6,106 ✭✭✭antoobrien


    gaius c wrote: »
    Because they won't get bailed out by the Irish taxpayer, want to cut their losses and intend to beat the Irish banks to the punch?

    Our pillow banks don't care what losses they incur because sure the stupid taxpayer will bail them out again. They are also more susceptible to political pressure here. So they'll wait while the foreign banks are busy repossessing & firesale-ing and finally move out of their inertia when the market is in even worse a state than it is now.

    Not particularly fair that, the laws were only recently changed to allow "new" bad debts be recovered by repossession. Any repossessions that have been processed recently have been on bad debts that were established and proceedings started in 2009 or earlier e.g. the guy from Laois that hadn't paid his mortgage from 2006 (Ulsterbank in that case).


  • #4
    Mr.Micro
    Registered Users Posts: 5,336 ✭✭✭Mr.Micro


    gaius c wrote: »
    Because they won't get bailed out by the Irish taxpayer, want to cut their losses and intend to beat the Irish banks to the punch?

    Our pillow banks don't care what losses they incur because sure the stupid taxpayer will bail them out again. They are also more susceptible to political pressure here. So they'll wait while the foreign banks are busy repossessing & firesale-ing and finally move out of their inertia when the market is in even worse a state than it is now.

    The banks will never recover whilst the unpaid mortgages remain unpaid. In the meantime the banks will continue to haemorrhage money and may need further transfusions in the form of bailouts. Its the elephant in the corner. Its a political hot potato and will have to be grasped at some stage. In the mean time we as an economy will stumble along whilst others in the real world get on with business.


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