Date Published: 23-May-2011
BY ENDA CUNNINGHAM
The National Asset Management Agency is planning to roll out a pilot scheme in Galway City later this year where it will offer mortgages on ‘seized’ housing stock, and protect buyers against negative equity.
It could potentially release hundreds of apartments and starter homes in the city onto the market – properties which had been held onto by developers in completed schemes. However, there are concerns the scheme could create a ‘sub-floor’ for property values.
NAMA is in ongoing talks with AIB and Bank of Ireland to provide mortgages for properties in Galway which have been ‘taken over’ by the bank, and where receivers have been appointed.
The so-called ‘toxic bank’ will offer to protect homebuyers against drops up to 20% in the value of their property.
According to the assets agency, the pilot scheme – which will also be rolled out in Dublin, Cork and Limerick – will be rolled out in the autumn and will require buyers to put down a 10% deposit.
Under the scheme, the properties will be offered for sale by NAMA or by developers whose loans have been transferred to the agency.
“What will happen is the market will adjust by whatever NAMA is prepared to insure by. What they’re trying to do is create a floor for the market, but this will create a sub-floor, where values are automatically at 80%.
“What I would rather see is the floor created by an active lending market within the banking sector, rather than NAMA seeking to prop it up, when they will actually achieve an opposite effect,” Alan Maxwell of Property Partners Maxwell, Heaslip & Leonard told the Sentinel.
The estate agent said the scheme would serve only as ‘market interference’ and compared it to the fluctuations caused by the Bacon Report in 1998, which recommended the abolition of tax breaks for residential property investors.
He added that while NAMA had taken control of development land in Galway, there are also potentially hundreds of apartments and first-time buyer properties which would have been held onto by developers as investments, as well as properties in incomplete developments.
Read more in today’s Connacht Sentinel
Galway ‘Park and Ride’ could become permanent
Date Published: 07-May-2013
A park ‘n’ ride scheme from Carnmore into Galway city could become a permanent service if there is public demand.
That’s according to the Chief Executive of Galway Chamber of Commerce, Michael Coyle.
The pilot scheme will begin at 7.20 next Monday morning, May 13th.
Motorists will be able to park cars at the airport carpark in Carnmore and avail of a bus transfer to Forster Street in the city.
Buses will depart every 20 minutes at peak times and every 30 minutes at offpeak times throughout the day, at a cost of 2 euro per journey.
Tuam awaits UK hay import as overnight rainfall adds to fodder crisis
Date Published: 09-May-2013
Tuam is now awaiting a third import of hay from the UK as overnight rainfall has increased pressure on farmers struggling to source fodder.
A total of ten loads are expected at Connacht Gold stores throughout the West with a load expected at the Airglooney outlet this evening or tomorrow.
Farmers throughout the county have been struggling to cope with the animal feed shortage and a below than normal grass growth due to unseasonal weather conditions.
Overnight rainfall in the Galway area has also added to the problem making ground conditions in many areas are quite poor.
Joe Waldron, Agricultual Advisor with Connacht Gold says farmers in short supply can contact the Airglooney outlet on 093 – 24101.
Transport Minister urges end to Bus Eireann strike action
Date Published: 12-May-2013
The Transport Minister is urging drivers at Bus Éireann to engage in talks with management, in an effort to bring their strike action to an end.
There were no Bus Éireann services operating out of Galway today as a result of nationwide strike action by staff affiliated with the national bus and rail union.
Up to 20 Bus Éireann drivers are continuing to picket outside the bus depot at the docks in the city this evening.
Drivers from other unions have decided not to cross the picket line and go into work today – causing the disruption to be even worse.
Bus drivers are protesting against five million euro worth of cuts to their overtime and premium pay – cuts which Bus Eireann says are vital to ensure the future viability of the company.
The majority of services nationwide are disrupted, and the union say strike action will continue until management are willing to go back into negotiations.
However, it’s not expected to affect school services next week.
Galway bay fm news understands that around 70 percent, or over 100 Galway bus Eireann drivers are affiliated with the NBRU.