We took part in a conversation with Matt Cooper on The Last Word about bank taxation with Joan Burton from the Labour Party. We tried to make the point that short term thinking about bank taxation is a mistake, that we are better off getting the maximum amount of money back to the state rather than losing bank value in order to score a short term political win.
We were happy to take part in a conversation on the Last Word with Matt Cooper about the recent Ulsterbank loan sale, Karl Deeter was there for Irish Mortgage Brokers and Mick Barry TD was also part of the interview.
We were pleased to feature on RTE 6 O’Clock news where John Kilraine spoke to Karl Deeter about the new Government mortgage scheme. Our view is that we broadly welcome it but that it would be far better to get the cost of housing down rather than to make high prices affordable with cheaper credit.
We spoke to Ciara Kelly about the current property market and where we believe we are in the cycle. She was surprised to hear us say that we believed a crash was virtually an inevitability. There are myriad reason for property cycles and the routes to resolving them are politically unacceptable, for that reason we are confident we won’t avoid experiencing another one.
This is our article that appeared in the Sunday Independent when Karl Deeter was covering a column for Charlie Weston on the 5th of November.
We need to speak to banks in the language they understand, not the language they ‘tell us’ they understand, but the actual language they speak. That language is the language of money.
The ongoing tracker scandal doesn’t cover many of the mortgage holders who lost trackers – many banks took them away from landlords as a part of granting them longer interest-only periods and with some of the biggest institutions these borrowers aren’t covered.
While some may have a hard time feeling pity for landlords, I would remind them that you can’t delight in their financial pain then scratch your head when they jack up rents and squeeze tenants for all they can in order to pay the new higher cost of lending.
Banks are as big a cost to this country as many aspects of public health, we spent more bailing out banks than we did on curing cancer in the last eight years.
Our compliance manager Karl Deeter was on Claire Byrne Live on RTE 1 last night to explain the ‘Paradise Papers’. This was a cache of documents that helped to expose tax avoidance on a large international scale. He explained the difference between avoidance and evasion as well as asking whether or not these papers were ‘good’ because if a person didn’t break the law should they lose the right to privacy?
These papers are likely to expose actual evasion and on that basis they need to be examined, we are confident that the news coming out of the Paradise Papers is far from over.
David McWilliams’s show ‘Ireland’ looked at the issue of property prices here and asked if we are in a ‘bubble’. He spoke to Karl Deeter from Irish Mortgage Brokers about this who made two points. The first was that we are too late to change the outcome of the property cycle, the second was that the biggest land hoarders in the state is the state itself and that Government should release land to flood the land market and drive down the primary costs of construction.
Cormac Ó hEadhra had Karl Deeter from Irish Mortgage Brokers on his show along with Joan Burton (Labour TD), Michael O’Regan (Irish Times), Carol Nolan (Sinn Fein TD), Colm Burke (Fine Gael Senator).
The discussion focused largely on the tracker mortgage scandal and also covered the stand-off in Stormont.
We had a lot of press covering budget 2018, our contributions are listed below:
Here is a piece from The Irish Sun. “You literally couldn’t hope for a better small country to do lobbying in because we managed to give nothing to anybody, everything to somebody, nobody is happy about it and everybody knows it was a fiscal version of the most average-looking horse in the glue factory”.
The Irish Independent also featured an article by Karl Deeter: It would take a special type of fool to fall for anything you hear in the Budget as being “in your favour”.
Pat Kenny had Irish Mortgage Brokers on the show to discuss NAMA, their role in building new housing and to consider some of the positives and negatives of this approach.