Thursday, May 21, 2009

Quotes of the Week

"We are clearly open for business and we are working with our customers, both new and existing, to meet their mortgage needs. We are approving 4 out of 5 applications and our branches are reporting an increase in the number of enquiries from both first time buyers and existing home owners." (Bank of Ireland statement)

"Enabling households to realise their home ownership ambitions is a fundamental part of the day-to-day business of banking. We view the additional 30% capacity for lending to first time buyers in 2009, which is being provided under the terms of the recapitalisation scheme for Bank of Ireland and Allied Irish Bank, as a very significant starting point in the normalisation of the credit flow for house purchase. It is important that first time buyers, in good financial standing, have a line of credit open to them to allow them to make informed decisions in engaging again with the Irish housing market." (Mr. Michael Finneran, T.D., Minister for Housing and Local Services at the C.E.I.’S conference)

"The construction industry has a lot to answer for. Their over-production of property and miscalculation of the market has caused this depression. There is an overhang of 90,000 residential units for sale. We cannot sustain construction for the sake of building jobs. " (Ivan Yates, Irish Examiner)

"The state support of housing benefit is out of control. Mortgage and rental subsidy schemes need to be revisited in the context of the collapse of the housing market. Immigrant accommodation is costing us €52m a year. Why should the state overpay for negative equity loans and unadjusted rents? It is only to prop up bad banks and failed property investors. " (Ivan Yates, Irish Examiner)

"The [positive economic] trends identified in this paper are all positive for Ireland, but the property market here will take a while to feel the benefit. There is still some pain to come and more realism is needed in some quarters." (Margaret Fleming, Director, Investment in Jones Lang LaSalle)

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