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The Banker and the National Teacher


He3

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Oct 1, 2008
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17,094
SBP's excellent writer Kathleen Barrington captures our predicament, and the arrogance of those who profit from creating it, in her account of two people -one well known, one not.

The Banker and the National Teacher.

Extract:

You can only wonder what the Helen Gahans and their dads of this world make of FitzPatrick - who defended the policies that left her shouldering hefty mortgage payments and him exposed to a €100,000 potential liability if she defaulted - advising the government to tax her child benefit if she has kids, to remove his medical card and cut his pension, even as they are shouldering the cost of the €400 billion bank bailout.
 

Digout

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Oct 2, 2008
Messages
1,396
If fitzpatrick was a brit when the brits ruled here, he would have been shot, the Paddys are now pussys.
 

gulliblepleb

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Oct 2, 2008
Messages
48
The banks only lend crazy sums because they were let

The people who needed homes were told that if they did not buy soon they would never be in a position to buy. Government stood by and told them that a vibrant property market was a sign of our Tiger economy. That if they endured and persevered they would get an Affordable house.



Many were not allowed to build on family land or to build on a site bought from a neighbour. They were to be chased into the urban centers where they would fulfill their purpose and destiny to buy expensive property from Developers, and to take out large long term mortgages from banks, or to rent from landlords until such time as they could take on a 100% mortgage.

In such urban centers they would become consumers who could be taxed more easily and heavily than if they lived in a rural economy.
 

fiannafuddy

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May 1, 2006
Messages
45
Sean Fitzpatrick sounds like he wants a Socialist-SF-PD Coalition led by Michael McDowell.

He should make his effing mind up!
 

He3

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Aesop must have a fable about this?
 

goosebump

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May 23, 2008
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SBP's excellent writer Kathleen Barrington captures our predicament, and the arrogance of those who profit from creating it, in her account of two people -one well known, one not.

The Banker and the National Teacher.

Extract:

You can only wonder what the Helen Gahans and their dads of this world make of FitzPatrick - who defended the policies that left her shouldering hefty mortgage payments and him exposed to a €100,000 potential liability if she defaulted - advising the government to tax her child benefit if she has kids, to remove his medical card and cut his pension, even as they are shouldering the cost of the €400 billion bank bailout.
What a load of crap.

Why the hell would a 23 year need a €248k mortgage?

If she wants to blame someone let her blame her old man who went guarantor for €100k.

If my 23 year daughter came to me telling me that she was going to take out a €248k mortgage with a €30k salary I'd call the Gardai and tell them she was taking drugs.
 

goosebump

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May 23, 2008
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4,953
Many were not allowed to build on family land or to build on a site bought from a neighbour.
More folksy nonsense.

25% of the rural homes that currently exist as habitable dwellings were built in the last 10 years.
 

rhonda15

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Apr 22, 2008
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3,544
What a load of crap.

Why the hell would a 23 year need a €248k mortgage?

If she wants to blame someone let her blame her old man who went guarantor for €100k.

If my 23 year daughter came to me telling me that she was going to take out a €248k mortgage with a €30k salary I'd call the Gardai and tell them she was taking drugs.
I wouldn't get so caught up with the number 23 - the fact is there are probably plenty of people in the 30-40 year old bracket in a similar situation.
 

He3

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Nothing to say about the Banker then?
 

katy brock

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Jun 20, 2008
Messages
206
Busy fool

What a load of crap.

Why the hell would a 23 year need a €248k mortgage?

If she wants to blame someone let her blame her old man who went guarantor for €100k.

If my 23 year daughter came to me telling me that she was going to take out a €248k mortgage with a €30k salary I'd call the Gardai and tell them she was taking drugs.
Am I seeing things? According to that article:

Helen Gahan was 23.
She appears to have been earning 30,000 per anum.
Some fool of a banker lent her 8 times her salary to "buy" a house.
The term of the mortgage is 35 years.(good God!)
She has to work at 4 jobs to meet her committments.
Her father guaranteed 100,000 of the mortgage.


Helen clearly has no sense. Her father should have told her to get a grip!


.
 

katy brock

Active member
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Jun 20, 2008
Messages
206
But the bank shouldn't have gone
anywhere
near
her.

I agree.
The bank was gambling with other peoples money. Also, the branch in question would have had a lending target to meet and the manager would have been thinking of his bonus.

Also, the article didn't mention what other monies this kid owed.
Was there a loan for a jeep/mini cooper?
Any loans for car/house insurance?
How many foreign holidays a year are we talking about here?
How many thousands outstanding on credit cards?
Who financed the furniture,carpets etc?

Maybe Helen and her local bank manager had the same maths teacher at school.

.
 

katy brock

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Jun 20, 2008
Messages
206
The bank got a guarantee of 100,000 from her dad. Its money is safe.
If the old man has 100,000. Mine dosen't.

Why didn't her father buy her a house?
 

John_C

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Joined
Jul 6, 2005
Messages
129
If the old man has 100,000. Mine dosen't.

Why didn't her father buy her a house?
Seemingly he did, that was included in the article.
I don't know why her dad didn't buy her a house, that wasn't included in the article. I could take a guess but it'd be no more reliable that anyone else's who doesn't know them.
 

Rebel CNC

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Apr 2, 2007
Messages
286
I take it from the title that Helen is a National teacher.

In which case, she is in a lot better position than most of her peers. Her job is safe until she retires, she is entitled to salary increments which have nothing to do with how well or how badly she performs at work (and with 4 jobs on the go, I wouldn't be betting too much on her being a gem in the classroom), her DEFINED benefit pension scheme is very generous and is only a pipedream for anyone in the Private sector.


Hardly the sob story that will come to encapsulate the Global crisis of 2008!!
 

noodles

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Joined
May 4, 2007
Messages
416
I agree.
The bank was gambling with other peoples money. Also, the branch in question would have had a lending target to meet and the manager would have been thinking of his bonus.

Also, the article didn't mention what other monies this kid owed.
Was there a loan for a jeep/mini cooper?
Any loans for car/house insurance?
How many foreign holidays a year are we talking about here?
How many thousands outstanding on credit cards?
Who financed the furniture,carpets etc?

Maybe Helen and her local bank manager had the same maths teacher at school.

.
Dont forget the four day shopping trip to new york. It seems every second primary teacher and nurse has been there ( mostly they ring in sick to spare their holidays)
How many teachers and nurses from new york come here for their holliers??
 

He3

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Oct 1, 2008
Messages
17,094
Hardly the sob story that will come to encapsulate the Global crisis of 2008!!
Sobbing or not, it is a perfect example of the business practices that have brought Ireland's banks, their customers and shareholders, as well as taxpayers, to where we are now.
 

katy brock

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Jun 20, 2008
Messages
206
Seemingly he did, that was included in the article.
I don't know why her dad didn't buy her a house, that wasn't included in the article. I could take a guess but it'd be no more reliable that anyone else's who doesn't know them.
Her father may not have any money if/when the guarantee needs to be honoured. Anybody can sign a guarantee.
 

katy brock

Active member
Joined
Jun 20, 2008
Messages
206
busy little fool

Sobbing or not, it is a perfect example of the business practices that have brought Ireland's banks, their customers and shareholders, as well as taxpayers, to where we are now.
Lord knows I hate the banks. But who convinced a 23 year old single girl she needed to buy a house? Society?

On a salary like that she should be living at home or in a flat like we all had to do.

Too much, too young, too spoilt.



.
 

He3

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Oct 1, 2008
Messages
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Lord knows I hate the banks. But who convinced a 23 year old single girl she needed to buy a house? Society?

On a salary like that she should be living at home or in a flat like we all had to do.
No argument there katy.
 
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