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Irish report
by Euro Reporter
2014-07-10 13:49:21
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Ireland's 'bad bank' says it will fill Dublin housing gap

Ireland's state-run "bad bank" has said its property holdings will allow it to deliver up to half of Dublin's housing demand over the next five years and ease concerns that a lack of supply could put prices on an unsustainable path. House prices in Dublin surged 22% in the year to May, their fastest appreciation since the late 2006 peak of the country's ill-fated property boom, prompting the Central Bank to warn that shortages had to be tackled. The National Asset Management Agency (Nama), one of the world's largest property groups, said it could deliver between 40% and 50% of the estimated 8,000 to 10,000 new houses and apartments needed annually in Dublin. "Nama, given its public remit, has no intention of hoarding development land," the chairman, Frank Daly, said in a speech.

ireland_400"Instead, if there is an identified need for housing in the Dublin area – and there clearly is – we are not in the business of sitting on development land assets until their value appreciates as the supply shortage becomes more acute." Daly said Nama had 3,000 "shovel ready" units, half of which were already under construction, and could deliver a further 19,000 new units in the short term on sites in its portfolio that have the potential for development.

He added that Nama could call on another 500 hectares of development land, which could accommodate new units in Dublin if the agency can overcome planning and infrastructure impediments while it also had space available just outside Dublin. There were only 1,600 new houses built in Dublin last year as the construction sector struggled to emerge from a property crash devastated the economy and forced the government to pour billions of euros into the country's banks. Residential property prices across the country grew at 10.6% in the year to May and remain 45% below the levels of their peak, data showed last week. Dublin house prices are 44% off the peak reached during the property boom.


We want to chart a pathway to a better Ireland

Tánaiste Joan Burton and Taoiseach Enda Kenny are holding a key meeting today on the future direction of the Coalition Government and the appointment of new ministers in this week’s Cabinet reshuffle. Ms Burton has kept most of her day free for the meeting that got under way in Government Buildings this morning. Ms Burton was last week elected as leader of the Labour party and Tánaiste, succeeding Eamon Gilmore. The impending Budget in October and the ministerial carve up are likely to top the agenda today.  “I’m going in firstly to talk to the Taoiseach. I think we both want the Government to continue its mandate,” she said on her way into the meeting.

“We want to chart a pathway to basically a better Ireland,” Ms Burton said on her way into Government Buildings. She described this morning’s pre-Budget submission from employers’ group Ibec as “very promising”. The group said Minister for Finance Michael Noonan should introduce a net €200 million package of adjustments, just 10 per cent of the €2 billion figure that was at one stage the Government’s target. It also called for income tax relief for hard-pressed workers. However, she added: “I think the job of us as leaders of our respective parties is to get that to work for everybody.”  Talks on the impending reshuffle are expected to take place later.

Mr Kenny said he was looking forward to discussing the Government’s agenda with Ms Burton. He would not be drawn on the impending reshuffle.  “I’ve seen all the wonderful speculation last few days. I’ve seen at least 10 different Cabinets outlined,” Mr Kenny said.  “What the people want is a Government that’s working in the interests of the country.” On his way into Government Buildings he told Newstalk the Coalition had come a long way and would build on “foundations” already achieved.  “I’m really looking forward now to discussing that future agenda now with Tánaiste later on this morning.” Speaking in Brussels this afternoon, Mr Noonan said the provision of extra social housing was likely to emerge as a key discussion point in the discussion between the Taoiseach and Tánaiste. “There’s some work going on at present on a refocusing or a nuancing of the programme for Government. I don’t expect that to be dramatic but there are issues that have come to the forefront like additional social housing [...]I expect those to be met in a slight change in direction in the Programme for Government.”


Is this the most honest thief in Ireland?

A mountain bike has been listed in an ad placed on trading website DoneDeal - and described as stolen by the 'owner'. The equipment is on sale in Co Cork, but the thief must not be having too much success as the ad was placed 39 days ago on the site.

And in a pretty unusual move, the seller, known only as Myles, told all and sundry that it was blatantly a stolen item. Listed under the Sports and Hobbies section under Cycling, the bike has been priced at €100.


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Emanuel Paparella2014-07-10 14:49:47
On the last item, Myles, the thief should have gone to see the movie Bicycle Thief by Vittorio De Sica before stealing the bike; then he might have been able to explain why he had to steal it, and might have had more success in selling it. But I may be wrong!

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