Is the Celtic Tiger finally about to lay down to die?

Two statements from Bank of Ireland on Friday underscored the crisis that continues to engulf Ireland's banking system. The first came in court, where the bank was trying to pursue unpaid loans from a developer.

via independent.ie

Posted via web from franksting's posterous

 

Since I moved to Australia, or perhaps even before, I was continually suspicious of the rocks which the purported 'Celtic Tiger' was built upon. In reality, this articles first three paragraph nail my suspicions almost exactly.
First, though, I should note, I'm NOT an economist, nor am I a financial expert. What I do know is that the accelerated rate of Property Value I noticed in the 3 or 4 years before I left Ireland took off even more in the 5 or 6 years following. Each time I went back the prices of basic housing seemed to have increased by a factor of whatever.
Perhaps it was the ready availability of cheap credit as we have already seen hammer previous sufferers such as the US and the UK. Perhaps it was with Irish peoples obsession with owning their own house. Either way as resources shortened (despite the influx of Economic Immigrants from Eastern Europe - the irony!) and the people got 'richer', so the prices went up.
I know of many people who lost large deposits on houses off the plan when developers started to go belly up three or four years ago. They weren't alone in then

An open letter to FIFA

This Letter was Posted to FIFA at their Feedback site. If you feel strongly enough about this and related issues, I suggest you do the same!

Dear Sepp and fellows
I'm sure you are happy with the Great results overnight and the immense Fairplay displayed, especially at the Stade de France.
Can't imagine how Irish people are dismayed, for surely it was determined long in advance that France have a divine right to play in the World Cup Finals. And anyway, Thierry Henry is such a fine fellow isn't he?
I also imagine it is a TOTAL coincidence that the referee who was chosen for that game has a history of perfect decisions in crucial moments in matches.
Anyway, surely all the Irish people, who are completely one eyed, would've been completely proven wrong even if you did introduce Technology, or even an extra pair of eyes behind the goal. As this illustration clearly shows.

The wonderful thing for FIFA is that your TV money can now be kept nice and high for the World Cup in South Africa now that pure brilliance from one of the worlds best players and referees has ensured another big market has 'made it'
Keep up the good work, Sepp and Fellows. I hope you choke on your own corpulence
Gavin