Graph of the week
The graph above appeared in the UK’s Nationwide Building Society house price report for February 2012, and is sourced from the European Mortgage Federation – the data are in their Hypostat publication – you can see the data for a wide range of countries on p72 (which is table 4 in the statistical tables). I think you can get the report for free if you register. It shows that we Irish are indeed fond of owning our own homes. As are the Portugese, Italians, Greeks and Spanish – hang on a second, see a porcine pattern there? Whilst the Merkozy countries shy away from home ownership in favour of renting. Food for thought.
Picture of the week
This is the living room of an apartment that is currently for sale in Sean Dunne’s upmarket Hollybrook complex on Brighton Road in Foxrock, Dublin. The 2,000 sq ft apartment is typical of the grandness of the place, and with its asking price of €525,000 which works out at just over €250 psf, it might be considered a bargain these days though there is a tasty annual management charge. So what’s remarkable about the photograph? Take a look at the sea of carpet and you might now understand why residents in the apartment complex asked the cleaning company if there was any way in which they could create the same effect on the carpet that you get with correctly mown lawns! That little snippet emerged in the court case last year between the cleaning company headed by Gina Farrell on the one hand, and the management company for the block which was financially supported by Sean Dunne on the other. Many legal judgments can be quite dry but if you want a laugh you might take a look at this one.
Quote of the Week
“Here’s an example of prejudice,” he said, gesturing at Leonetti. “Two lawyers against one. Exhibit A.”
Okay, this is strictly not from the past week but since it was never covered in domestic media, I think it’s worth a mention. It’s from the continuing series of bankruptcy hearings for David Drumm, the former Anglo CEO, and this one is from the hearing in January 2012 when David’s lawyers unsuccessfully argued that the bankruptcy official’s challenge to David’s bankruptcy should be thrown out because papers were electronically delivered to the court at 5.21pm on a deadline day, when the court office closed at 4.30pm. The judge sided with the bankruptcy official and allowed the challenge to proceed which means that David faces challenges from both Anglo AND now the bankruptcy official which prompted David’s lawyer, Francis Morrissey to complain that his client’s interests were being prejudiced by having to deal with two sets of opponent’s lawyers. And when Anglo’s lawyer, Ken Leonetti, sought to address the court, up popped Francis with the above example of argument they don’t teach you at law school. The judge wasn’t impressed and David now faces another year of uncertainty before a hearing next January will decide if he can be discharged from bankruptcy.
Event of the Week
An Taoiseach’s signing of the Fiscal Compact subject to ratification, announcement of a Fiscal Compact referendum to take place before the start of 2013, the first Fianna Fail Ard Dheis in three years, whether or not Aengus O’Snodaigh was removing 168kg of paper a day from the Dail stationery cupboard for his printing needs? Maybe, but on here the event is taking place this morning in the north Cork community of Ballyhea where locals will join their weekly comrades on the streets from Charleville and others from around the country to march again, as they have done for the past 52 weeks, to protest at Ireland using its national wealth and income to pay the debts of busted banks. They will be joined this morning by local, national and international media. And special guests, though everyone that turns up is regarded as special. And if you need bribery, they’re offering cake!
NAMA Wine Lake 