Local Jobs Threat from Loan Sell
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DC SHAW & CO SOLICITORS FREE l Conveyancing - Property l THE Accidents 200 Kimmage l Wills Rd West LOCAL (Opposite SOUTH EDITION l Family Law Submarine). 3 March 2016 Tel: 456 1344 l www.dcshaw.ie Phone: 087 252 4064 • Email: [email protected] • www.localnews.ie Commercial Crumlin l Drimnagh l Kimmage l Walkinstown l Terenure l Rathfarnhamnews l Rialto l Ballyfermot l Rathmines l Harolds Cross l Kilnamanagh l Templeogue l Inchicore l Inner City l Tallaght l Rathgar l Ranelagh LOCAL JOBS THREAT FROM LOAN SELL ONS LOCAL NEWS SPECIAL REPORT by Paul Kelly • Did Local News imagine US debt predators? • No: “Draghi stress test will cripple Irish SMEs,” says prophet 2006 crash Phone: 01 624 9710 • Click: mcloil.com prophet • No: “We’ve heard the roar, we’re about to feel the teeth” says debt boss • No: Business Post only paper to echo our 2014 warning NO MORE TV BILLS EVER • Fianna Fáil and Fine Gael HQs both dismiss our worries • Echoes of Bertie’s FROM “commit suicide” gaff MULTI-ROOM after Prof. Kelly’s crash OPTIONS AVAILABLE prophesy. www.billfreetv.ie LOCAL NEWS has deci- for more details phered a secret code used by Joanne O'Riordan, 19, has been selected by St. Patrick's Festival to lead this year's the main banks to hide their Festival Parade and in accepting this honour has become the youngest ever Grand Marshal. sale of small shop, office and She is pictured here with Susan Kirby, CEO St Patrick's Festival, performers from Artastic. factory loans to US vulture funds. Now, thousands of Picture Robbie Reynolds Photography. those working for those ture funds. highly respected founder of of the vulture problem from a under-pressure borrowers The biggest buyers of debt charity Phoenix Project lecture delivered by Professor face the dole as the vultures l Extensions, Renovations Irish IOUs were Goldman Ireland, says: come looking for their Morgan Kelly to the UCD l ALL GRANT WORK CARRIED OUT. Sachs, CarVal and Cerberus “We’ve heard the roar [of Economics Society in early money. l Registered & fully insured “Irish loan accounts gen- — who bought them for a pit- the vultures], now we’re 2014. His track record was erally have an IBAN number,” tance from government- going to feel the teeth.” stellar: he had been widely l Insurance Claim work a small southside art materi- owned AIB and Bank of And already newly- ridiculed, then revered, fol- l Architects Plans als business told Local News. Ireland. elected anti-austerity TD Bríd lowing his 2006 call of a 50% “Now, we’re getting let- Already, Deputy Aengus Smith has promised to crash in Irish home prices. Ring (01) 465 2412 ters [from Irish banks] quot- Ó Snodaigh has confirmed to “scream and shout” about (His prophecy incited Bertie ing number beginning with Local News that one of those vulture-fund harassment in Ahern’s now-infamous Mobile: 086 311 2869 BDI and BDA.” vulture funds, Cerberus, has the Dáil. She sent out a letter “commit suicide” gaff.) Local News has already already been on the prowl on the matter just before The Professor was then traced those codes to Ameri- (see below). polling day. quiet until 2014, when he www.farrellbuilding.ie can banks, brokers and vul- And John McGrath, Local News first learned continued on page 2 HANDY FUE - UFUE Hair Transplant, the JOHNNY MAN newest, most advanced method of ALL SORTS hair transplantation. ALL KINDS OF WORK No pain, stitches or linear scarring • 100% Guaranteed EVERYTHING DONE Natural Results every time - non-surgical YOU NAME IT, WE DO IT Performed by Registered Doctors Call or visit our website to book a consultation ALL AROUND MAN TEL 01 441 0860 PHONE:01 454 9008 www.mhclinicireland.com 086 126 8949 2 | TH E LO CAL NEWS from page 1 local election cam- only payments At Fine Gael HQ, many similar ac- paign (see on this • a small but sig- we were advised that counts of predatory warned that Mario page, our VOTE AND nificant amount of the Kelly approach practices. Cerberus, Draghi would “stress MAKE YOUR JOB... debt forgiveness would not fit in with in particular, had test” the Irish banks headline from that • no “old boys theirs, which was been harassing the and insist that they time). club” deals: com- “conservative”; and hard-pressed retail- liquidate non-paying Again, before this plete published that the feeling in ers and tradesmen loans. Irish small and election, we notified transparency. Cabinet was that he represents in medium enterprises the main parties (Local News adds there was no wish to Dublin South Cen- — SMEs — would go about the arrival of an optional fifth: “take on more debt”. tral. They seemed to bust by the thou- the vultures. But this using the “free men- “They’ve been misunderstand Pro- sands. Local News time we brought tor” service pio- mentioned more fessor Kelly’s rem- then learned that, good news: while the neered by Norma than once, and it’s edy, which involves anticipating such a Professor had made Smurfit in her always by a business taking on less debt test, Irish banks had a case for SME dan- startup charity First with just a few em- by repudiating a por- sold loans, for a pit- ger, he had offered Step. She tripled ployees, local shops tion of SME loans, tance, to American safety — at little or startup survival and offices around and offering a mora- Crumlin and Bal- vulture funds. no cost. In brief it rates, and could do torium to debtors. lyfermot,” Ó Alarmed, we comprised: the same for strug- Fianna Fáil’s ap- Snodaigh reported. pleaded for voters • triage of all in- gling SMEs.) proach was be- And Phoenix and politicians to do trouble SMEs, saving To hear Prof. mused: they did not Project Ireland co- something. all but the hopeless Kelly’s four-point dismiss Professor’s founder John Mc- Unfortunately, cases “cure” in full, search concerns outright, Grath, who works we were ignored in • a loan holiday for “whatever hap- but said it would be with in-trouble 2014, failing to make of some 5 years, with pened to Ireland “impossible” to debtors, agrees: it an issue during the minimal or interest- Kelly” on youtube. make them an elec- “We have a small tion issue. They cited number of clients the silence of the whose creditor is media on the matter Cerberus or one of as a reason for ignor- the other vulture ing it themselves. funds, but we believe (This view came that the flood will from in-party econo- start after the elec- mists, not PR types.) tion,” he told Local Tel: (01) 454 7207. 23 Tyrconnell Road, Inchicore. Later, potential News on Monday front-bencher Sean (February 29). Haughey dismissed a l Early/late “The American Local News reporter vulture funds are who asked him for appointments coming, of that we his views on the mat- can be pretty sure. l ter. Open alternative Already, we’ve heard Finally we ap- the roar, but soon Saturdays pealed to AAA/PBPA our clients will begin Councillor, now TD, to feel the teeth.” l Bríd Smith. Private, PRSI, He added that he Smith immedi- was in a position to Medical Cards all welcome. ately intervene only when • took our wor- SPECIAL OFFER ries seriously, and the family home was immediately exam- at risk: but this was ined the evidence of- often the case when CHECK UP WITH fered by Professor an SME founder had pledged a house to Kelly, Local News The Glamour Pit is a new salon just opened on Meath Street, run by SCALE & POLISH buy plant or stock. and the Sunday Busi- local staff (pictured top) who are all specialists in their own field and Local News will www.inchicoredentalcentre.com ness Post are well known in the area from their previous salon at Windsor Arcade. • wrote letters of continue to highlight concern to support- Professor Morgan ers and officials Kelly’s warnings Richard McGuinness & Co. • made small about in-danger business and shop SME jobs; and his re- debt, and vulture ha- sponsible, practical, THE PIT rassment, a cam- low-cost suggestions SOLICITORS for saving the coun- paign issue • promised to try from dole-queue “scream and shout” disaster. MEATH STREET in defence of ha- As he himself re- rassed SMEs if marked: “Small firms elected to the Dáil. aren’t sexy, they Visit our New Salon Soon thereafter, don’t make political SMEs were offered contributions. But similar support from most of you work NAILS Aengus Ó Snodaigh, there!” That is cer- returning Sinn Féin tainly true of the TANNING TD, who said he Local News readers would bring up the and advertisers in MAKE-UP issue at national the at-risk, working- party level. class areas of South WAXING He also con- Dublin. firmed the experi- • For more about HAIR STYLING ence of the art the vulture creditors, Conveyancing l Family Law materials dealer who see “100,000 JOBS” spoke to Local News, on the Local News SPECIAL OFFER: Hair & Make-up €45 l Probate l Wills saying he had heard website, localnews.ie ADVERTISE IN THE Ask about our Children’s Get the right advice first LOCAL NEWS Communion & Confirmation Specials Phone: 087 2524064 24 SUNDRIVE ROAD DUBLIN 12. 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