20/08/2021
Dysfunctional markets result in bubbles and busts.
In 2007 the Irish banking system became dysfunctional due to over supply of money, resulting in a property bubble.
In 2010 the Irish property and banking sectors became dysfunctional due to an under supply of money to fund property purchases, resulting in the property bubble busting, with the knock-on effects of systemic damage to the Irish banking system, and the socialisation of private sector debt.
In 2021 the property sector is again dysfunctional due to the under supply of private dwelling house properties, resulting in another property bubble.
Property and banking sectors are inextricably linked, and ultimately backstopped by Governments and taxpayers.
Bubbles burst.
Its time for Governments and regulators to arrest this recurring cycle and provide certainty to taxpayers. This will require hard decisions to be made without the influence of the banking and property sectors.
Thoughts from a Personal Insolvency Practitioner
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20/08/2021
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