Originally Posted by Cassandra Syndrome

Mmmm. Gosh, you Pollyannas are big into your personal attacks and insults. Its too bad that you don't bother your ar*es to check out how deep the rabbithole goes. Just take the mainstream media report as it is.

If you went and checked the actual CSO report as per OP you might have spotted what I was on about. This is link. Please go to page 34.

http://www.cso.ie/releasespublicatio...rrent/silc.pdf

You will see that the vast majority of arrears are related to the financial institutes. Yes I was aware of utility bills, rent and other non financial bills being are included in that 20% grand total. But the vast majority of those bills are under 570 Euro and are paid monthly / bimonthly. Therefore the principal or capital behind them is the amount itself.

But people who may be behind by the same amount of a mortgage repayment may have 300,000 Euro of principal running behind it. Term loans, overdrafts and credit cards may have huge amounts too.

So it is safe to say that the percentage level owing to Banks out of all the complete balance that are in arrears is over 90%.
The number of items that are in arrears stands at 20.3%. Taking a conservative estimate of 90% of the total value of all the loans that are in arrears being financial house related, thats 18.27%.

Thats still massive.

PS - Look before leap, will you?

Originally Posted by X-ray

well bad article or not, I think it raises important issues, a fair amount of people are in deep poo or very close to it, there is not much more room for error.

Originally Posted by Middleaged

So its not 20% its 18.27% based on your "conservative estimate", no sign of fact, just an "estimate"

On the research point, I used to make the percentages..... little flies....

Originally Posted by Cassandra Syndrome

Fffs, you know what I on about. The massive tsunami of the value of mortgage defaults.

Somebody defaults on 2 months supply of an ESB bill, service cut off, they owe 100 Euro. Somebody defaults on 2 months on an AIB mortgage, service cut off? they owe a quarter of a million Euro.

The Fractional Reserve Banking System cannot cope even when its ratios are 10:1 with 10% Bad debts never mind when the Irish Banks are between 30:1 and 100:1.

Penny dropped?

And as I said in my first post this is before the Commercial Mortgage crisis kicks in.

Originally Posted by Middleaged

You clearly are missing the point, go back and read the OP.

That 20% is made up of ALL ARREARS, on your doomsday rant, lets wait and see, I personally think you like the sound of your own voice, bit like all those other experts that talk shyte everyday..