I am just throwing out the idea as I think that the only way of getting real competition into the mortgage market is making repossession easier etc and the only way of getting outside banks in is to change our repossession laws drastically.
Where is the evidence that the reposession laws are reason that foreign banks do not get involved in the Irish mortgage industry? You need to keep in mind that these banks and more precisely their shareholders consider the mortgage business to be high risk and something not to be undertaken outside their home country, where they have some degree of competence, unless they can generate very high returns from the activity.
Having just read a synopsis of the Danish system by Brendan why is there not a clamour for it or is it because that system is being kept hidden away from the Irish Public.
But putting that aside for a minute, these Danish bonds are triple AAA grade investment bonds so they have a ready marked. Who would you expect to buy Irish bonds and what rate????
As I have said earlier remove the impediments to repossessing a property any any other related matters. Maybe up the deposit to 20%. There were very few interested in buying Irish Government Bonds at nearly any price not to many years ago. The Government bonds are now over subscribed at little or no yield. If proper and real structures were put in place you might be surprised who would buy them and how low the yield might be.
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