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The money isn’t there; this is Fianna Fucked issuing their election manifesto; it is embarrassing having a nationality connection to this government; I’ve had more barbed banter about being Irish in the last week than I have had in the previous 5 years.
The IC will be built, main thing is cracking on with the oral hearing and getting consent and doing the CPO’s at the market floor
You all know the economic backdrop, can one person who doesn’t live on the Metro North route please give a rationale for Metro North being built at the expense of the Interconnector.
senior counsel for Mr O’Callaghan’s companies
I salute Mr O’Callaghan for avoiding NAMA.
Mr Allen said the Dart Underground project had the potential to “sterilise†his client’s property for as long as 10 years
If he is talking about his hotel then I can’t agree with that; the property was was sterilised by the accidental fire that destroyed Merrion Hall; it is a relatively new building that would should the project completed have significantly better public transport access. I would be very surprised if conservationists would accept higher density on that site; any location on Fenian St would have limited development potential in any event; given the proximity to Merrion Sq.
A BORD Pleanála hearing into plans for the €2 billion Dart Underground project opened in Tallaght yesterday
This is indeed a very strange location for the hearings; it should be moved to one of any of the NAMA hotels in D1/D2, no shortage to choose from.
I think his theories are nuts but he has two things going for him
1. He is less likely to start a riot than Sinn Fein
2. Noone else is doing itWe need to accept the simple reality; our own politicians who we elected presided over a complete deregulation of all aspects of the system; bankers on performance related bonuses took ever greater risks and made horrendous errors. Bond holders got greater and greater coupons until the banks were paying 11% for their money; with their hands tied by the government the banks lent this money on mortgages at 3.5% to keep the population happy. A party that only stood for populism sold this country down the river.
The simple reality is that once austerity bites GDP will shrink and the situation is like thi
There isone simple equation
Mortgage rates rise to cost of money i,e, 5% plus an administration fee of say 1.25% leading to spirraling mortgage defaults; many of those who lose their homes will emmigrate reducing GDP further
Debt to post bail out in 3 years time will be 200% of GDP and interest payments 10% of GDP; in short Ireland is bust
If the bailout isn’t renegotiated Ireland will resemble the album sleave of the Joshua Tree
No irish bank bond issued since 2006 should pay a coupon of greater than 5% and any that do should be reissued at 5% and discounted to their face value as of close of play today; i.e a bond priced at 10% for €100m is reissued at €50m bearing 5% interest. No debt to GDP ratio of greater than 85% of todays GDP figure is acceptable.
If anyone thinks I’m being financially irresponsible; at 200% debt to GDP these loans will never be repaid; half a loaf…..
In fairness to what he said he said it would be cheaper to knock it and rebuild than retrofit damp proofing systems, use period materials etc; it is up to any individual to chose period over new even though period usually has a higher price but depreciates a lot more gracefully.
What I don’t get is why if you want to do something that is obviously a major project why you won’t simply pop down to the planning office and have a chat; no doubt most planners in local authorites are trying to justify their existance at the mo; you would be very very welcome…….
Simon
When you get advice of that quality free; do not look a gift horse in the mouth. There have been enough people wiped out taking chances in recent years, unless you can fund the entire project from cash and can afford to lose it; you may find getting finance on potentially unauthorised development as difficult as it always should have been i.e. non-existant.
On the house in Meath that the High Court ordered demolished; was it ever established if A BANK FUNDED THE PROJECT AND IF SO HAS THE RELEVANT LOAN OFFICER BEEN FIRED YET?
I think you are both right in particular circumstances; take two cases
1. Landowner applies for consent and includes in drawings entire curtliage but say mixes up his measurements along the lines of adjusting acres to hectares twice and understates almost to his disadvantage.
2. Landowner applies for consent; wilfully submits a defective os extract which omits a portion of land relating to an SEA to avoid submission to AT & DoE or another field which contains a dwelling the planning grant for which was conditional on sterilising the rest of the holding for a stated and unexpired period or assumed perp. Here the application would be assessed differently on the basis of a deliberate ommision; if not legally fraudulent it is certainly highly unethical.
If you were selling you’d advise the buyer to rely on their own enquiries; if buying you’d need to tease out the benefit and motivation if any behind the error and get professional advice as to the probability of the hoilding facing enforcement proceedings. In this climate I can’t see any solicitor not covering themselves if this is a financed purchase.
1. Fiscal Austerity – agreed to be misplaced
2. I doubt they know its origin, but I am sure they are a lot prouder of the architecture than the soldiers of destiny currently occupying it on highly unwelcome terms.The National Trust have had a similar policy in respect of endowments for years as it has proven counter productive to take everything on for two reasons; one resources are finite even if the last decade of Irish Government suggests otherwise and all expenditure has an opportunity cost i.e. you put the important stuff at risk. Secondly where there is no National Trust local groups often get involved and take ownership of local projects; amazing that didn’t happen in the Cotswolds which would have a generally very strong civic infrastructure independent of government.
Good luck with the Limerick Navigation I hope it gets there eventually despite government hacking.
I defer to your local knowledge; but it begs the bigger question if all you say is correct how did it get funding in the first place? I do however feel Mike’s sense of frustration on a private development appeqaring to have had an impact on a public scheme unless it was simply the dredging works being made a mess of and the cheques still paid. Mike your post wasn’t really clear on which you thought was the real cause; any chance of a clarification of your view?
A lot of idle hands at the moment; perhaps the cutting you refer to might be planted out?
I really fear for Metro North and the IC of being dropped.I know your not a supporter of MN but I’m taking the long term view for these projects and others no road/rail.airport terminal are constructed and fully used on day 1.
I also fear for Interconnector which will if not built leave the City little better off than it was in 1985 in terms of rail. I agree there needs to be a connection to the airport and that conecting Swords and Ballymun is desirable; sadly following a Kerviel scalebet on the property market the credibility of delivering a line predicated on future line densification is very very difficult to maintain. It is why suggesting a phase 1 of Luas and a wait and see approach to loading growth for the section from old Ballymun to the CC is the only credible option; how long even linking the two existing Luas lines takes at this stage is anyones guess. Even that must rank behind the IC which is the key single piece of infrastructure for the state. I would ask how did schemes such as
1. Waterford Dual Carriageway
2. Limerick Dual Carriageway
3. Tuam MotorwayAll get ranked above uniting the Capital’s rail system.
I would hope the opposition would issue a statement reserving the right to cancel any contract signed by this Government with a value exceeding €1m to be effective from opening of play Monday morning.
We might be missing out on a great chance to finally have an alternative solution to the motor car as getting around Dublin and I’ve tried the existing transport services but have had to return back to the car I’m afraid.
With most supporters of MN there is clearly a desire to see a sustainable transport outcome; that is commendible as surely the biggest problem in past years has been the underinvestment in rail and the abject failure to integrate buses into the system as is done in most systems.
Hopefully things will finally come to a head shortly as too how deep we’re in the manure heap!!
TEL AVIV (MarketWatch) – The International Monetary Fund, European Union and European Central Bank are preparing a 120-billion-euro ($164 billion) bailout of Ireland, requiring the country to raise taxes and nationalize more banks, the Sunday Times of London reported.
The plan, which would exceed the 110-billion-euro bailout created for Greece, could be unveiled as early as Monday morning, the paper reported.
Ireland’s cabinet is meeting in an emergency session this weekend to complete a four-year budget, the paper reported. The budget is also set for release this week, the Sunday Times reported.
A property tax of 500 euros a house plus more public-sector cuts are expected to be part of the plan, the paper said.
A team that is figuring out how to restructure Ireland’s banks is also developing a proposal for a wealth tax on the country’s richest citizens, the Sunday Times reported.
France and Germany are pressuring Ireland to raise its 12.5% corporate-tax rate, the paper reported.
And the EU is expected to guarantee bonds issued by Irish banks and to extend that guarantee across Europe to prevent speculators from going after Portugal or Spain, the Sunday Times reported. Read the MarketWatch piece on policy makers’ debt-market concerns about Spain and Portugal.
We are beyond in it at this stage there is only one card left, let the lenders share the pain; if Sarko thinks for a second that he can protect reckless lenders such as SocGen and BNP, et al and remove the only reason why this damp, cold, remote rock has any high value employment he is being as disingenous as the senior management of SocGen who denied knowledge of the scale of Kerviel’s position. The longer Sarko keeps this hilarious position up the longer the sceptre of Lenihan Bros hangs over European markets; don’t worry once the IMF deal is agreed the sooner the oppoisition will remove the current government.
@bjg wrote:
Boats are not going to use the Park Canal, for reasons I outlined in earlier discussions. Furthermore, the Council’s proposal for a marina above Park Bridge is not going to work either: nobody would keep a boat in a remote area without supervision, and with the boats within easy range of bottles.
I am a great fan of boat/barge tourism, in countries like Holland and the UK there are large numbers of affluent tourists who like this form of holiday; of course every credible urban settlement has areas where you wouldn’t park a boat but that is no reason not to use sections as an area to advise people to pass through; take Dublin as an example you wouldn’t park a boat near the former Semperit factory but if you skipped the route becuase of this, you’d miss the section through Georgian Dublin; its just about getting the route map backspot on. As assets go few Cities in Ireland can touch Shannnonside in terms of a view from a boat.
@bjg wrote:
The Council should simply forget about boats and start thinking of the old Limerick Navigation as a walking route along one of the most interesting and (formerly) most important navigations in these islands.
But there is nothing anywhere to show that these walks are all part of one route. There are no signs explaining (or even calling attention to) the artefacts. There is no leaflet describing the walk or the old Navigation.
I totally agree a very modest investment could see something of quality developed here; with Lough Derg you have a real target to aim for in terms of a destination.
@bjg wrote:
Many people do walk on parts of the route, but I suggest that their pleasure in the walks could be enhanced, and their numbers could be increased, if they were told about the history and the artefacts. None of this would cost a lot of money (except perhaps for repairing the Black Bridge), but it would serve far more people, and could attract more tourists, than attempting to get boats into the Park Canal.
bjg
I don’t see this as an either or, people who do walking holidays (or cycling ones if the path were designed as ‘considerate cycling route’) rarely do boating holidays and vice versa. The costs of making a waterway functional are clearly a multiple of those to restore a tow path and sign it so why not complete the project.
Cllr Kieran O’Hanlon said that if the engineers had got the levels for dredging right, this would have rectified the flow, and Cllr John Gilligan queried why permission had been given to a developer to build a bund in the canal to protect hew housing from flooding.
Mr Moore of Waterways Ireland, conceded that when dredging, the water level was a metre too high, which meant that new lock gates could not be opened, if installed”.
Mike
This is sadly an idication of the effects of having a planning system that is out of control; when planners are wilfully put into a position where they don’t even have the time to check all elements of a planning application this is what happens. I guess if you looked for a metaphor of removing blockages from the development pipeline the unfettered passage of water that destroyed a perfectly logical tourist investment plan hits it perfectly. Just pray the IMF let FDR (Roosevelt) style programmes invest in public infratructure as a solution to chronic umemployement that the bust has caused; if they don’t this path will rot along with the canal.
http://en.wikipedia.org/wiki/Michael_Lowry
An utter scumbag but in fairness to our new Commissioner of Sport he was booted as soon as a whiff of scandal emerged and the evidence given by DTZ director Mark Fitzgerald at the Moriarty Tribunal re the Eircom Rent Review on Marlborough Street was a very telling indication that FG do not close ranks and that even if the party reputation is on the line the that any perceived wrong doing will come out.
It is vital that both the EPP & Socialist blocks in the Brussels parliment have a coalition for our new government; I am not voting Fine Gael as since Garrett Fitzgerald retired they haven’t had a decent candidate in DSE any way the last Finance Minister with an IQ above 10 was Ruairi Quinn
Three things need to happen for your version to play out:
1. The Government must agree a total surrender to Brussells and Washington
2. The Government stays in office and even more capital flies
3. The Government continues embarrasments such as the existence of the RPA which Mark Gleeson of Train users Ireland always dubbed the Really Pointless Agency; if it wasn’t then it certainly is apt now.Alternatively Cowen surrenders not to the IMF and ECB but to the people that elected his predecessor
1. The people who chased yield in the form of Anglo Irish, AIB and INBS bonds share the pain; these were not risk free assets and those buying them knew they were a leveraged play on the Commercial Property Market. The role of the Landesbanks in every European property bubble for the last 20 years including Germany in 1992/93 needs to be addressed. Anglo was simply the Irish branch of the landesbanken family, the Government here were just too dumb to understand the inherent risks in that model.
2. The ECB continue to support the remaining banks by extending the 1.5% finance rates until the deficit is reduced to 3% of GDP; how adding 350bps to €120bn of debt is going to help reduce the deficit defies believe it means the real pain next year will be €11bn CP. When banks hike mortgages rates by 350bps the 5% mortgage arrears figure will be a pleasant memory; there will be complete meltdown.
3. A new government with a mandate from the electorate needs to be elected to protect existing public transport and unravel all the relativity pay deals done over the past decade.
Metro North how did we elect a government that could claim even a week ago this would happen
Well the scheme hasn’t been properly thought through yet. It’s due to be worked out over the next 18 months in which time the snags can be ironed out
It would be easy to work this out 3 phonecalls to the logitics industry players; they don’t want it; if the logistics proviers don’t want it why waste taxpayer money on it; retail is on the ropes why exacerbate their plight with a vanity project jacking busniess rates further? Thanks to mismanagement of the economy we have much more important fish to fry; road closures from Merrion St to the Phoenix Park for starters may see the Country having some chance of getting out of the disaster we are in.
Even in the RPA’s rather bearish models in which barely any population and economic growth occurs over the next decade, MN passed with a 1.55:1 ratio.
The same cost benefit analysis that predicted 36.5m passengers as a base case without Metro Waste as against the 35m with Metro Waste carried out when the Celtic Bubble was in full inflation mode; sorry but the RPA have even less credibility than the Lenihan Bros Government…….
Dublin as it currently is one of only 2 of the 20 busiest airports in Europe without rail access.
The same airport where its biggest airline calls for a new terminal to be mothballed; never heard of an airline calling for a terminal to be closed before it is unprecedented they are usually screaming for new capacity; when you see the largest customer calling for cuts to keep underlying costs down the future certainly isn’t orange.
Looking at the Anish Kapoor exhibition in Ken gardens it is amazing the Phoenix Park doesn’t show case some Irish Art; the back drop of the Aras would give almost as good a background as Ken Palace
http://www.guardian.co.uk/artanddesign/gallery/2010/sep/27/anish-kapoor-kensington-gardens-sculpture
Turning the World Upside Down by Anish Kapoor
Four Anish Kapoor sculptures, creating distortions of their surroundings, have taken up residence among the trees and waters of Kensington Gardens for six monthsHow dare you; the cost of funding this proposed white elephant was tracked on this thread for at least 18 months. That the Metro North philosphy of build it and they will come extended across the entire economy is co-incidental and without the backing of this particular government this project would never have seen so much public money wasted in planning a €3bn Luas line. Shocking…………..
McInerney to cancel Dublin & London listings
Updated: 07:35, Friday, 19 November 2010Housebuilder McInerney Holdings has announced that it is cancelling its stock market listing in Dublin and London.
1 of 1 McInerney – housebuilders group to leave Dublin ISEQ Related Stories
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Housebuilder McInerney Holdings has announced that it is cancelling its stock market listing in Dublin and London.The company, which is under examinership, says the listing is no longer in the best interests of company or its shareholders as it is no longer in a position to meet its continuing obligations for listing.
‘The board has concluded that the continued listing of the shares of the company would jeopardise the successful implentation of any investment or similar arrangement that may be agreed by the examiner to ensure that the survival of the company or companies in its group,’ the statement added.
Earlier this month, the High Court said it would continue court protection for the companies in McInerney until December 3.
Mr Justice Frank Clarke said he was continuing the protection with considerable reluctance but he said he could not at this stage come to the conclusion that there was not a realistic chance of the examiner coming up with a scheme which could succeed.
But he said there would be very considerable difficulties in coming up with a scheme which would not prejudice the existing banking syndicate who are owed money by the companies.
Bank of Ireland, KBC and Anglo Irish Bank are owed €115m and are opposed to the examinership. Any scheme submitted by the examiner is likely to be strongly contested by the banks.
The cancellation is expected to take place this morning.
I wonder if any vistiors to the tent made loans as opposed to just donations; if so I wonder could any of those visitors could call in their loans and have Fianna Fail declared insolvent and unable to trade?
As a regular visit to Central Paris I’ve not noticed these there.
If 10 or so of the bikes were owned by companies such as DHL/UPS/IEC I would agree that they may have some relevance in places like Henry St &
Grafton St; however the idea of thiws replacing white van man is utterly hilarious; the only use they would have is getting deliveries into pedestrianised areas and for literally the last 400m of the supply chain to point of sale.Why should a business that organises its deliveries around the road closure hours subsidise those that don’t? DCC should pick up the phone to DHL and offer them dedicated parking bays for them to be standing by 22 hours a day; thus ends the subsidy.
More metro north thinking; someone went on holiday saw something new and shiny and said to hell with it being relevant to Dublin lets create our own little market and the tax payer can bail it out when it fails.
Brian Dobson giving Brian Lenihan a good kicking
You said it Dan
At what point in time will they realise Governments are elected to
1. Regulate banks
2. Control development
3. Allow the people to know what is going on
4. Protect the economy from unwanted outside interference on tax policyThis Government presided over a free for all over the past 12.5 years in every area of the economy and wider society. They now want to blame their biggest donors i.e. banks and developers. By joining alliances on the loony right in the case of Fianna Failed and the flakey greens the country has no alliances in Europe with either the EPP or Socialist groupings who control parliment and could have been really helpful in getting Merckel back into her box at this crucial time.
You can blame Sean Fitzpatrick, Fingleton and Liam Carroll for this or you can blame the FF/PD complete deregulation ideology that they implemented in every facet of Government.
The only solution is to agree a back stop bailout until such time as a Government with the aliances in Europe comes to power and a deal on terms that will leave the country with the capacity repay the loans can be agreed.
Nobody in Ireland, ECB, EU, IMF or financial markets believes a word Brian Lenihan, Brian Cowen or Dick Roche says anymore. I now understand why there are Coup D’Etats in Africa.
