Monday 23 October 2017

Daniel McConnell: It's a case of 'good cop, bad cop' as Noonan & co deliver the news

Will repossessions really be the banks' last resort?

Daniel McConnell

Daniel McConnell

It has been a wonderful game of good cop, bad cop we have been engaged in over the past 11 days, hasn't it?

Last Thursday week, John Moran, the most senior official in the Department of Finance, told the Public Accounts Committee that repossessions in Ireland were at an "unnaturally low level" and suggested that they would have to rise significantly if the shattered Irish market was to "return to normal".

Given the deep Irish historical desire to own property, the scars of Famine-era evictions on our psyche, and in the context of a market where 94,488 private dwelling houses are in arrears of more than 90 days, Moran's proposition was chilling.

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