“Financial Institutions being allowed to ignore their own wrong-doings, while trampling and terrorising Irish borrowers.”
Independent TD Michael Lowry has called on the Ulster Bank to reverse its decision to sell more than 900 of distressed loans to ‘vulture funds’ in their efforts to rid themselves of acquired problem assets, mostly obtained during the so called ‘boom era’.
“The recent threatened sale of assets by Ulster Bank, valued at €2.5bn, is made up of distressed business loans, buy-to-let mortgages and owner-occupier mortgages. Their decision to sell is aimed at drastically eradicating all remaining so called ‘toxic’ property loans from its books on both sides of the border. However if carried out there exists a further fear that other banking establishments will line up to replicate similar procedures against their customers.
About €100m of the total face value of Ulster Bank loans, now being offered for sale, are owned by farmers and in many cases are linked to necessary on-farm business investments. This threat now comes at a time when Irish agriculture, in particular, is already on its knees with farm debt on an upward spiral, due to world market price volatility, which looks set to remain for the foreseeable future.
This threatened outcome by Ulster Bank is an appalling and insensitive approach to vulnerable business mortgage holders, who are currently finding themselves in financial difficulties. On a daily basis, I am confronted with appalling instances of financial institutions being allowed to ignore their own wrong-doings, while trampling and terrorising Irish borrowers.
This devastating decision, if carried through, will bring about the most negative and damaging of effects to families, overall business development in regional communities and more especially will decimate attempts at any real rural recovery. If Ulster Bank mortgages are sold off to these ‘vulture funds’, then we will witness further new and increased cases of homelessness and a continuance in the escalation of private rental costs.
I now urge all banking establishments to develop new long-term funding arrangements and to immediately suspend their present threatened action. The vast majority of customers are keen to find a resolution to their current financial difficulties and should be given professional, independent advice on restructuring their outstanding loans. I also call for a renewed sense of urgency by the Departments of Finance and Public Expenditure, to assist in creating a more efficient funding mechanism to halt and reverse these recent banking decisions.” concluded Deputy Lowry.
M/s Martha Melbourne reports on a successful ‘Afternoon Tea Fundraiser’ in aid of St. Mary’s Church, in Littleton, Thurles, Co. Tipperary.
St. Mary’s Church, Littleton.
St. Mary’s Church (C of I) parishioners would like to thank, most sincerely, everyone who supported their recent ‘Afternoon Tea Fundraiser,’ which proved to be a huge success.
Martha stated; “Sincere thanks to all those who baked cakes and buns, made sandwiches, those who came to enjoy a ‘cuppa’ and a ‘chat’, those who bought raffle tickets and cakes on the day. Truly your support and help is most greatly appreciated”.
Martha also expressed a special word of thanks to all those who worked so hard in the kitchen and serving at table, keeping the tea flowing and everyone fed.
“Thank you to those who donated raffle prizes, made cash donations and let us borrow your china. A sincere word of thanks to the Management of the MB Community Hall for all their help with this event and also for housing us for Church Services, while the Church was closed, following a fire. We are now back using the Upper Room of the Church for Sunday services, while works are still progressing downstairs, concluded Martha.
The St. Mary’s Church in Littleton village was extensively damaged by fire, leaving restoration works expected to cost in the region of €200,000. The proceeds of this recent afternoon tea event will now go, in its entirety, towards the ongoing works which parishioners hope to have fully completed by the autumn of 2016.
More than 130 jobs are at risk at Suir Pharma Ireland Ltd, located on the Waterford Road in Clonmel, Co. Tipperary. This scenario follows the appointment, by the High Court, of a provisional liquidator to this Tipperary-based pharmaceutical manufacturing company.
Suir Pharma Ireland Ltd, Waterford Road, Clonmel, Co.Tipperary.
Originally named Clonmel Chemicals; the company had been involved in the manufacture of generic medicines for some 40 years in Clonmel, and today has been declared insolvent and is expected to be wound up.
Suir Pharma Ireland Ltd have blamed for its current difficulties, irreversible losses of some €4.9m during the 15 months prior to March 2015. The company sustained a large drop in sales in the US market late last year; and today projected further losses for future years.
The parent company Saneca Pharmaceuticals, which acquired Suir Pharma in June 2015, is understood not to be willing to further fund the operation, leaving it with no alternative but to apply to the High Court for the appointment of a Provisional Liquidator.
Insolvency practitioner Mr Michael McAteer of Grant Thornton has been appointed as the Provisional Liquidator of the company by Mr Justice Michael Twomey. Mr McAteer has also been granted the ability by the High Court to allow the company to continue to trade, and to take steps to secure the company’s assets.
Warning to on-line customers, using PayPal; please note we have been made away that ‘Spoof’ or ‘Phishing’ scams are currently circulating via email accounts here in Co. Tipperary.
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As and from January 1st 2016, existing tenants of Tipperary County Council have an opportunity to purchase their homes through an ‘Incremental Purchase Scheme’ introduced under Part 3 of the Housing (Miscellaneous Provisions) Act of 2014.
Note: However there are a number of pre requisites which households must meet. These include as follows:-
(1) Tenants/joint tenants must have minimum reckonable income of €15,000 per annum.
(2) Reckonable income must come mainly from regular employment and not solely from Social Welfare.
(3) Applicants must be in receipt of Social Housing Support for a minimum period of 1 year.
(4) Applicants must not be disqualified from purchasing, same brought about as a result of having purchased housing previously
(5) Applicants must have a satisfactory rent record and all household charges must be up to date [i.e. Water charges etc.]
(6) Houses must be available for sale and not restricted, as in past schemes [i.e. not houses specifically reserved for elderly, transitional accommodation, traveller accommodation, in interests of estate management etc.]
For income between €15,000 and €20,000 tenant purchase discount will be 60% of purchase price and an Incremental Purchase Charge of 60% will apply to house and be reduced by 2% per annum over 30 years.
For income between €20,001 and €29,999 tenant purchase discount will be 50% of purchase price and an Incremental Purchase Charge of 50% will apply to house and be reduced by 2% per annum over 25 years.
For income over €30,000 tenant purchase discount will be 40% of purchase price and an Incremental Purchase Charge will apply to house and be reduced by 2% per annum over 20 years.
For to download ‘Tenant Information Booklet’ click HERE and for to download ‘Tenant Purchase Application Form’ please click HERE