Strokestown **Mod Note in Post #4461**

Sycamore Tree

It doesn't matter what Mary Lou and Pearse are saying about Strokestown anymore because politics is very simple - once you start explaining or defending, the damage is already done. Pearse was nailed by Leo in the Dail and Mary Lou is keeeping quiet in the hope that the story goes away over Xmas. This week has been yet another disastrous one for Sinn Fein. They already have their core vote but if they want to make any inroads on the FFG vote, they need to smarten up. They continue to appear a scary proposition in government.

Their vote cap is so locked in now and yet they are somehow performing well below it.

Sycamore Tree

What should Leo/FG do next?

Nothing. Absolutely nothing. Stay quiet and watch the balaclava line reverberate through the news print and radio talk shows during the holiday.

Their smug TDs will be smiling all thru Xmas.

Clever.

facehugger99

gandalf wrote: »

From reading an article in todays Sunday Times I see the bleeding knuckle heroes are now threatening bank and receiver employees at home now. What a pack of low life thugs. Heroes of the republic my ass just a pack of thugs horny to get their violence fix.

From the same report they said that 3 KBC branches have now been attacked. The headquarters, Dundrum and Swords. So some scumbag doesn't bother to pay his debts and these cvnts think they have free reign to endanger people lives and livelihoods.

I present the deluded and violent drooling class!

The Guards really need to crack down on these knuckle-draggers. In fact the full weight of the State needs to be brought to bear.

Hopefully the recent opinion polls will embolden FG to act too. People are getting sick and tired of these fcuking freeloaders throwing tantrums when they don't get what they want.

Wheeliebin30

facehugger99 wrote: »

The Guards really need to crack down on these knuckle-draggers. In fact the full weight of the State needs to be brought to bear.

Hopefully the recent opinion polls will embolden FG to act too. People are getting sick and tired of these fcuking freeloaders throwing tantrums when they don't get what they want.

Sinn Féin tried to play it clever, they put Eoin o Broin in charge of housing to try and really make gains on FF and FG.

Eoin is Blackrock college educated, 6 grand a year.

And all he bleats on about is the rich and the banks rabble rabble.

Perfect champagne socialist so he is.

Mad_maxx

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?

expectationlost

still unsure, were any of the mcganns in that eviction video?

Lefty Bicek

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?

Open to correction, but I believe Padraig A’Tailliura O Conghaile from Glor na Tuaithe (Rural Voice), is from Rossaveal.


.

end of the road

Sycamore Tree wrote: »

What should Leo/FG do next?

Nothing. Absolutely nothing. Stay quiet and watch the balaclava line reverberate through the news print and radio talk shows during the holiday.

Their smug TDs will be smiling all thru Xmas.

Clever.

hardly. fg have gone from disaster to disaster since coming back into power. housing crisis. health crisis. everything else crisis. people will remember that more then some ineffective comment from someone who really should have remained outside of politics.

facehugger99 wrote: »

The Guards really need to crack down on these knuckle-draggers. In fact the full weight of the State needs to be brought to bear.

Hopefully the recent opinion polls will embolden FG to act too. People are getting sick and tired of these fcuking freeloaders throwing tantrums when they don't get what they want.

the gardai are already doing their job. it takes time to investigate crimes however.

NIMAN

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. people will remember that more then some ineffective comment from someone who really should have remained outside of politics.



the gardai are already doing their job. it takes time to investigate crimes however.

I have no doubt that these 2 crises would exist no matter who was in power.


Yes, even SF and AAA/PBP.

There's been a health crisis for about 20 years now.

Sycamore Tree

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. people will remember that more then some ineffective comment from someone who really should have remained outside of politics.

I did not realise there was a Capital letter crisis?

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.

end of the road

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?

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

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.

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.

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.

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.

padd b1975

Absolutely infuriating the way these shysters are being indulged.

Real whiff of Freeman guff about his later dealings.

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.

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?

Sycamore Tree

Sycamore Tree wrote: »

I did not realise there was a Capital letter crisis?

Ahem.

Grayson

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

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.

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????

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.

Wheeliebin30

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

G_R

Wheeliebin30 wrote: »

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

Also, ya know, different bank...

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 ?

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.

pablo128

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?

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

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.

G_R

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

Lefty Bicek

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

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.


.

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 !

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

For Forks Sake

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.

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

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?

ismat

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

archer22

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

Anyhow why would KBC be expected go after a Bank of Ireland borrower

Lefty Bicek

blanch152 wrote: »

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

https://www.boards.ie/vbulletin/showpost.php?p=108957250&postcount=3676

I didn't introduce it. I'm just helping your pal with his financial illiteracy.

And anyone else who thinks 1,400 pcm is the 'interest only' on 2.8 million...

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

Hang on a minute, I have read that article in full.

Kennedy owed €4.2m in 2012, had reduced it to €2.98 by 2014, but didn't pay anything in 2015. Given that level of payment, it seems to me that he could well have made significant advance payments that meant he didn't need to make much of a payment in the other years.

Problem is the Strokestown lad didn't make any payments at all.

ismat

[Deleted User] wrote: »

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

Why would you think he isn’t paying what he Has agreed to pay. Patrick Kennedy is a very wealthy man so he probably pays his loan in a different way to most normal mortgages. Why would that be of any issue to you. There is no allegation he is in default ? The guy in Roscommon is a serial defaulter and a leach on society. There are plenty like him who are his cheerleaders. The pay nothing brigade

Lefty Bicek

blanch152 wrote: »

Hang on a minute, I have read that article in full.

Kennedy owed €4.2m in 2012, had reduced it to €2.98 by 2014, but didn't pay anything in 2015. Given that level of payment, it seems to me that he could well have made significant advance payments that meant he didn't need to make much of a payment in the other years.

Problem is the Strokestown lad didn't make any payments at all.

The monthly repayment bears no relationship to the capital amount outstanding.

nice_guy80

Lefty Bicek wrote: »

The monthly repayment bears no relationship to the capital amount outstanding.

No, but it shows you are willing to give it a try

Lefty Bicek

nice_guy80 wrote: »

No, but it shows you are willing to give it a try

You're certainly trying it on.

gandalf

Read the article in the Times, McGann made numerous promises to KBC on dealing with the loan which he broke. That is why he is being pursued. The "but look at defence..." doesn't mitigate that he owes the money and he has not made a real effort to pay it back. KBC are totally justified in taking the property and turfing him and his family members out.

Lefty Bicek

gandalf wrote: »

Read the article in the Times, McGann made numerous promises to KBC on dealing with the loan which he broke. That is why he is being pursued. The "but look at defence..." doesn't mitigate that he owes the money and he has not made a real effort to pay it back. KBC are totally justified in taking the property and turfing him and his family members out.

Each case stands on it's merits or demerits, absolutely.

Earlier we had people making the case that McGann's offer of 1000 per month was rejected out of hand by KBC.

But argumentative eejits are on here wasting people's time making pathetic rebuttals of an apparent double standard, and doing so out of nothing more than financial ignorance.

I mean, if one can't recognise that the basic percentages at play make a mockery of the 'interest only' case, just keep quiet altogether.

blanch152

Lefty Bicek wrote: »

The monthly repayment bears no relationship to the capital amount outstanding.

Lefty Bicek wrote: »

Each case stands on it's merits or demerits, absolutely.

Earlier we had people making the case that McGann's offer of 1000 per month was rejected out of hand by KBC.

But argumentative eejits are on here wasting people's time making pathetic rebuttals of an apparent double standard, and doing so out of nothing more than financial ignorance.

I mean, if one can't recognise that the basic percentages at play make a mockery of the 'interest only' case, just keep quiet altogether.

Eh no, you are completely missing the point.

Start of 2012, kennedy owed €4.2m, by end of 2017, he owes €2.8m. That sounds to me like someone who has been paying down his mortgage. End of story. The fact that this suggests he made significant advance payments that he credited against his monthly repayments has clearly passed over your head, in your rush to whataboutery.