Once again we have Morgan Kelly telling the brutal truth followed by a whole raft of so called experts telling us that everything is just rosy in the garden.
Donal O’Mahony, a strategist with Davy Stockbrokers, leads the charge for those living in La La Land.
He makes the following points in his article.
There is no mortgage crisis.
To be sure, delinquency rates are rising in the Irish mortgage book, but levels remain relatively low (4.6 per cent of the total at last count) and the banks now have Matthew Elderfield’s blessing for “taking a responsible, reasonable approach of forbearance by allowing customers to reschedule”.
So, no mortgage crisis then and the banks are going to be ‘responsible’, ‘reasonable’, ‘forbearing’ and give their customers a break.
People displaying this level of ignorance and naivety should not be allowed out on their own never mind express a public opinion.
Perhaps when the mortgage time bomb explodes in O’Mahony’s face it will shake his brain into some activity.
The Financial Regulator is independent and competent.
Most breathtaking of all, however, is the hubris displayed in second-guessing the “stress-test” findings of the independent financial regulator regarding Irish bank balance sheets.
To be fair, O’Mahony is not the only one to swallow the line that since the arrival of the Messiah, Mathew Elderfield, Ireland now has an independent and competent financial regulator.
Nothing could be further from the truth. Apart from playing hardball with Quinn, a matter in which he had no choice; Elderfield has behaved exactly like all his predecessors.
No bankers in jail, none have even been charged. The financial institutions continue to rob customers with absolute impunity while the Financial Regulator continues to enforce secrecy laws which have the direct consequence of protecting the criminals.
Ireland has the capability of resolving her problems without outside help.
The corollary is that Ireland is moving increasingly towards “self-help” status, whereby the ongoing borrowing requirements of the public sector can, in principle, be absorbed by the accumulated surpluses of the private sector.
Ok, just one word of analysis on this opinion – IDIOT.