Website of the Week
Right now, practically none of you has heard of propertypriceregister.ie but by the end of tomorrow it is set to become one of the most visited websites in Ireland. Tom Lynch, the CEO of the Property Services Regulatory Authority says that the new register of residential property sales prices, which will include sales as far back as January 2010, is set to go live tomorrow, 30th September 2012. The above is what the website looks like on Saturday morning. It might be worth pausing for a moment to consider how it was back in 1973/74 that Judge Kenny in his Kenny Report, recommended the introduction of a public property price register, something which was warmly embraced in public by all political parties – Fianna Fail, Fine Gael, Labour, Democratic Left, Greens, Progressive Democrats – and yet, somehow, when they got into power it never happened. You can thank the IMF that it is happening tomorrow, and I have no doubt were it not for the IMF, this Government would have created some excuse to delay the introduction of a tool which will immeasurably improve transparency in this country. Along with a fiscal council, bankruptcy reform, a central credit register, reform of the medical and legal sectors, it’s another innovation brought to us by the IMF.
Bad but it could be worse of the week
With the spate of six killings in the past eight days, you could be forgiven for thinking that we are truly on our way to Hell in a handcart with a breakdown in law and order, but annual recorded crime statistics from the CSO this week revealed that in most categories of crime, including killings or homicide, the numbers for the year ended June 2012 are down on the previous year. Homicides were down by 19 to 62 in the year. Burglary was one of the few categories to show an increase of 10% to 28,623 incidences in the most recent statistics. Still though, the perception of deteriorating law and order is there, but those perceptions of society being better in the old days, though common, aren’t always borne out by the facts.
Table of the Week
The Comptroller and Auditor General published its annual report this week where it set out the work undertaken on the nation’s finances. Jaw-dropping errors were uncovered and the 300-page report is worth a read, but its overview of the national debt is particularly enlightening and the above very simple table shows just how much our finances have deteriorated since the onset of the financial crisis in 2007/8.
This was the week we learned that 87,100 were estimated to have emigrated in the 12 months to April 2012, a daily average of 240 putting our emigration rate at an absolute record since 1987 and just behind 1989 in terms of rate of emigration per 1,000.
Foreign News story of the Week
The Wall Street Journal reported on Thursday, see above, that a country in financial distress is set to have its state owned bank – 99.8% state-owned AIB, which has thus far received at least €20.7bn of a bailout – pay €1bn to bondholders on Monday next 1st October. The world-renowned WSJ seems to be in wonderment at such generous behaviour, considering how the country in question is verging on being an economic basket case (14.8% unemployment, debt:GDP set to rise to 120% in 2013 or 150% of GNP, €13bn or 8.4% deficit with difficult budget adjustments ahead, close to zero economic growth, 87,000 emigrants per year, subject to an IMF bailout)
Domestic News story of the Week
Oddly enough, there doesn’t seem to be any mention of the above country and its €1bn bond payment in the domestic media. Mind you, when AIB paid out €1.5bn to senior unsecured unguaranteed bondholders in April 2012, there was nary a mention of the matter in our national broadcaster, save to report an incident when an AIB branch in Dublin was briefly occupied by protesters. Some people claim that RTE is a government mouthpiece trying to stultify us into thinking it will all be good and we have turned the corner. That seems to be unfair on the organisation and the individuals working there, and a more realistic reason might be that they’re just not very good at reporting, or basic arithmetic judging by their percentage calculations below
Parade of the Week
There are 48 parades taking place in Northern Ireland today, many commemorating the signing of the Ulster Covenant 100 years ago when over 400,000 men and women signed petitions seeking to promote the union with Britain. About two hours ago, the main parade in Belfast got underway with 209 bands and over 20,000 parade participants plus an unknown number of spectators. As with a small number of parades each year in Northern Ireland, there will be a protest in the Carrick Hill area of Belfast, a protest limited to 150 participants – this particular area has been the scene of serious public order disturbances this year with a band filmed playing sectarian music outside a church, Orange Order parades breaking the terms under which licence to march had been granted and rioting which left scores of policemen and women wounded. The parade today and the protest have been the subjects of determinations by the Parades Commission with which all parades – be they a Maxda MX5 rally or a charitable demonstration – must be approved. An extract from the determination for today’s main march in Belfast is shown above and is here. The terms governing the protest are here. People on this side of the Border may be bewildered at this state of affairs – tomorrow at 11.30am, the Ballyhea bondholder protesters will meet at the Garden of Remembrance at the top of O’Connell Street in Dublin at 11.30am from whence they will march at noon to Croke Park. There will be a march at 11.30am in Charleville also. They’re protesting the payment of bonds in state-owned banks – which are in receipt of €64bn of our cash/promissory notes so far plus €6bn of state-aid from NAMA – repaying 100% of sums owed to bondholders. There is less than €190m of the most contentious bonds left at IBRC but there are still billions in AIB, PTSB and Bank of Ireland – AIB is 99.8% state-owned, PTSB is 99% state-owned, BofI is 15% state-owned though given the state-ownership of preference shares, arguably BofI is de facto state-owned also. Details of the march and of the €1bn bond being paid on Monday 1st October are here.
Stoke the Rage of the Week
Yesterday the Department of Finance published its own accounts for 2011 and gave us detailed information on pension payments made to former (and current) politicians. You probably won’t be pleased at the sums paid to former politicians given some of their records in office…
Nobody is prepared to try to solve the problems they seem to want to create more!
Why are we living in denial now for 5 years
And probably longer?the debt has to be liquidated !realistic payments put into place costs cut tO nothing!everything needs to be taken off everybody and the level set again!
@ NWL,
On a slightly different topic……..may I suggest
With the upcoming property tax increase, say to 400 euro / annum etc, could an incentive be arranged by the dept of environment.
Those people who install energy saving measures i.e. insulation, solar water heating, solar PV, heat pumps, micro CHP etc be given a reduction in their annual property tax by a certain %.
This would act as a small incentive to the householder, save on energy bills, save a % of the annual property Tax, assist the environment due to less Co2 emissions, act as a employment boost as more tradespeople would be employed, and add to Joan Burton’s idea of social cohesion by putting money into the tills of business which in turn leads to higher VAT revenue for the Govt.
I realize there is a grant system already in place, but it is a one off payment. This new incentive would not be a payment, it would be a reduction in property tax for as long as the renewable energy system is working etc, or some other specified time frame.
For the past half century, I have observed my fellow countrymen struggle to dismantle the colonist yoke and strive for independent freedom and economic prosperity that their fathers had fought for. I have listened to them voice the hope that independence would mean that full control over the land of Ireland would return to Irish hands. But that enthusiasm and hope has been usurped.
Many hard lessons have been learned since 1921. The experience of the newly independent Irish – the fruits of their hard labour lost to political corruption and cosy political relationships – foreshadowed the evils of political and social corruption and economic incompetence that led to the latest loss of our independence.
You won’t find a single explanation as to why poor countries tend to remain poor, but the article in the Wall Street Journal referred to under this “Of the Week” thread gives us a fair indication of why ours will do so. Our weak kneed politicians and the DoF were bullied into passing any wealth that we as a nation had built up over to the foreign private unsecured creditors of our banks. We were bullied by the Al Capone’s of our generation.
Al Capone is best remembered as a cold-blooded gangster. What is less well known is that he was an accountant in a Baltimore construction company before joining and then leading Chicago’s infamous North Side Gang. Capone’s training as an accountant was instrumental in helping him organise a vast business empire in a rational, cold and calculating way.. He was the quintessential economic gangster.
The pathological cruelty of gangsters like Capone makes them particularly repellent – because they are crimes of calculation not passion. His behaviour is reflected in that of Homo Economicus (our latter day economists) – rational and self-serving, and based on cold ruthless calculations – just like the bully bankers of the ECB, who moved their debts to us, extorted our nation’s hard won sovereignty and reduced us to penury and emigration again.
Who can afford to install all the energy saving measures as detailed by sporthog? Even with grants- only those with money! So once again we are proposing to give to those who already have.Up until recently mortgage interest relief was given at two different rates. Those who had got more. Relief is still given at two different rates for those paying into private pensions. Maybe it is time to get real. If you want to save money by insulating etc.GREAT. Your choice– you pay. You want a better standard of living when you retire–ditto.I am sure people with private pensions also claim the state contrib. pension so they are getting on the double at the expense of the health and other sections of society.The greed of certain sections of society will have to be curbed .Whether it be ex-ministers on 95,000euro,University big wigs being bunged money on the side o r public servants with allowances for ridiculous things–it is time we all got real.THe Germans have just finished paying off their war debts and we expect them to let us off our debts.We already have enough tax scams without introducing another.Sorry Sporthog—nothing personal.I do not agree with the property tax but will pay because it is neccessary. I just hope it will be fair.And yes,we also registered our septic tank even though I resent that while we provide for our own “waste disposal”unlike our townie friends,I know needs must
@camella cummins
Of germans and war debts, for your education and edification.(“the German position is that these debts have ceased to exist….”)
http://www.economist.com/blogs/freeexchange/2012/06/economic-history
@ Camella Cummins,
Thanks for your reply, however you seem to have misunderstood my original post.
Climate change, whilst still not fully understood does pose an increasing greater threat to nations including Ireland.
The solution of reduction in greenhouse gas emissions does not come from one area only, it will involve contributions from many sources, including greater energy efficiency and conservation of domestic dwellings.
Even if there was no such thing as “Climate Change”, the planet does not have an infinite amount of hydrocarbon resources. So again conservation is important.
With every paradigm shift, there are winners and losers, those that can adapt become successful, reap rewards etc, those that can’t, don’t face terminal decline or even extinction.
My post above was an attempt to look at all participants in Ireland, the householder, Revenue, Local Businesses, the environment, unemployed tradespeople, reduction in Ireland’s energy costs and attempt to formulate a solution which would be beneficial to all.
Unfortunately it appears that you have understood my post to be beneficial to wealthy people only.
There does not appear to be much “new thinking” either by Govt, the establishment or even by Bloggers.
Ireland requires solutions and innovative ways of thinking to get out of this mess, not moaning or foaming at the mouth against wealthy people.
Unfortunately this financial crises appears to be about higher taxtion, and reduced public services. A opportunity wasted in other words.
If you were to spend 15K on home energy improvements, which would lead to energy savings of 500 euro and a reduction by 200 euro on your annual property tax, then that is a saving of 700 euro / annum which is considerable to both wealthy and poor / middle class alike.