HOMEOWNERS who bought at the height of the property boom will be in negative equity and trapped with their existing lenders for years to come, director of Irish Mortgage Corporation Frank Conway said.
As many as 250,000-300,000 mortgage holders are thought in be in negative equity on their homes. In mid-2006, more than a third of all first-time buyers purchased their homes using 100pc financing. Today, all would be in negative equity as house prices have fallen by 40pc or more, Mr Conway said.
Airlines 'hoarding' €285m in fees, taxes
Aer Lingus and Ryanair "hoarded" €285m of fees, taxes and charges paid by passengers who booked seats with the airlines last year but didn't fly, a Dublin firm has claimed. Airtaxrefund.com, which tries to recoup charges, fees and taxes for travellers who paid for tickets they didn't use and charges them a flat 20pc fee for doing so, made the claim yesterday based on estimates that about 10pc of the airlines' passengers didn't show up for flights. It claims that the bulk of the money -- €247m -- was held by Ryanair, with almost €39m held by Aer Lingus. It includes money paid for luggage, insurance and seat reservations.
Savings index falls during December
A SAVINGS index published by Nationwide UK (Ireland) declined in December as people reacted to higher tax on deposits in the Budget. The index decreased by 12 points to 77 in December as people expressed negativity toward the savings environment. Despite this negativity, 37pc of people are saving regularly, up from 34pc in November, while the percentage of people not saving at all declined from 33pc to 27pc.