Comment:
Wait until the dimwits in the current government present their crushing budget .This price will be views as astronomical .As far as I can see, I see no bottom we have a long way to go to reach that dark place ! With the real unemployment figures concealed from the public I estimate it to be somewhere between 29 an 30%.The banks are now free to crucified their own customers with penal charges and their own customers are been held hostage to ever increasing interest rates whenever they choose! The current government have washed their hands of the countless thousands of trapped citizen’s snared by toxic and corrupt bankers.
Nama is the real culprit here as they have control on the flow of sales of all types of property in Ireland now and with consent of the government they are drip feeding the sale of property, this option is however not available to the ordinary joe who has just lost his job and is forced to emigrate.
It is outrageous, most of the cheerleaders of the property boom are now employed by NAMA as “experts” and are been paid by the victims of these fraudsters. A day of reckoning is coming and it ant going to be pretty ! I am living in Lubeck In Germany , an Irish emigrant, and I can smell the stink of this deal from over here .This has all the hallmarks of a financial stroke by absolute gangsters on the Board of AIB and NAMA “Looking after insiders” with a guarantee profit .
Jack Fagan has a rare weekend outing in today’s Irish Times where he reveals that a consortium of European investors has bought the four main office blocks of AIB’s Bankcentre in Ballsbridge opposite the RDS. The seller, Aviva is said to have accepted “just over €70m” for the sprawling 154,000 sq ft complex set over four buildings. The property was originally bought in April 2006, a year before the general peak in Irish commercial property, for €177m. Commercial property generally increased by just over 21% between Q1 2006 and Q1 2007 which would have indicated a notional peak valuation of €214m. A €70m price tag today represents a 67.3% decline which is in keeping with the general market as tracked by Ireland’s two commercial property indices from Jones Lang LaSalle and SCSI/IPD.
The tenant in the offices is the 99.8% state-owned AIB which has thus far cost us at least…
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