We would have got away with it if it wasn't for those pesky kids....
Posted by Mark on 29th Sep 2010
Is a refrain I hear on a daily basis, largely due to my three year old son's addiction to Scooby Doo.\r\nHowever the Irish finance minister Brian Lenihan is quoted in an interview with FT as saying that their priapic property boom was fuelled by
, sorry, "externally owned subsidiaries", who have now buggered off and left them in the lurch.
Which given that the Irish government let their own banking sector swell to over 400% of GDP, is a bit like a coroner putting the cause of death of Mr Creosote down to one little "waffer thin" mint.
On the subject of foreigners distorting markets, this is an extract from an article about Irish investors in the UK, printed in an Irish business newspaper in happier times:
“The flood of Irish money - or Irish borrowed money - across the water has prompted some to question whether the buyers are overpaying.\r\n \r\nThe counter argument is that Irish investors sometimes see angles that others don’t. They have also shown a willingness to improve what they have bought, rather than just do the sums on the deal and wait for the money to come in.\r\n \r\nIf Irish investors are getting the reputation for overpaying, they are also getting a reputation for driving a hard bargain to get the rents up. They will also sometimes play around with the mix of tenants in the building as a way of getting more people in the door, if it is a retail property.”
I think that hindsight has proved which was the case.
And on the subject of cases, a case of Guinness to anyone who can confirm which deal the above quote was referring to!