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All the time that the fog of Brexit between the UK and the United States is. EU looks like a brightening, it goes down once again. We are still just another British cabinet meeting far from finally understanding what the British government wants. Yet when meetings are over, the fog of confusion usually thickens instead of the elevators.
This week, it was confusing on two fronts. British Prime Minister Theresa May has proposed the final compromise on Brexit, which would be unachievable, and which would propose a new "facilitated customs arrangement" between the UK and the EU. Under this plan, goods arriving in Britain would benefit from a tariff in the UK, set independently of EU rates. However, British customs officials would perceive a potentially higher European tariff for goods transiting through the United Kingdom to the bloc's single market.
This proposal is a hybrid of a hybrid, which looks like a job drawn on the back of a napkin, but is unlikely to operate in Dover or Dublin. If the EastEnders actor, Danny Dyer, was confused about Brexit last week, he will be even more confused now.
Even the Financial Times has reported EU concerns about how this new proposal could become a smuggling charter. Normally, they focus too much on insignificant issues of small trucks moving through South Armagh's secondary roads.
The scam could see imported goods to the UK with paid fares on them. They could then be transferred to the EU, possibly across an open Irish border, without EU tariffs being collected.
The ports of Larne and Derry could become the new Rotterdam. (Yes, it's an exaggeration – but you have the idea)
The second topic of confusion this week came from Austrian Chancellor Sebastian Kurz, who currently holds the EU presidency. He is not a major player in the Brexit negotiations, but he has decided to raise the possibility of giving the British more time to find viable solutions.
He felt that if the United Kingdom did not arrive in October, then the negotiations should be extended. This will not be welcome in Brussels, which has increased pressure for the UK to meet deadlines around the talks. After all, the UK has set its deadline for departure, not the EU. It has already returned to a two-year transition period
However, it is the first sign of cracks appearing in the EU's common position on the issue. It can even be a sensible and pragmatic idea to prevent the UK from tumbling down without an agreement. The problem is that the talks could progress without the border security net being immobilized.
If the talks get bogged down in delays and confusion, all deadlines could slip. This might not be too bad for Ireland because it would lead to an extension of the status quo with respect to trade and the open border.
But the uncertainty weighing on Irish affairs will last longer. The government has set up a stalemate in which its border safety net must be "foolproof". The truth is that it can not be bulletproof unless the UK remains in the customs union and the single market.
May's biggest mistake was at the beginning of his tenure as prime minister. She invited too many hard Brexiters into her office and she struggled to control them. They represent a minority in his parliamentary party.
Now she is trying to row from a hard Brexit by going too far with a hard one. She is left open to cries of betrayal of Brexit or even a rush of leadership. The only way to keep the show on the road is to shake everything up as long as possible.
The Austrians seem to want to give him more time. But Leo?
The pain of landowners' interests will also affect their tenants
People who rent their homes face a few more years of financial hardship. Rents are set by the homeowners, many of whom are ready to take a big hit when they have to start paying back the principal on their interest as the mortgages on the purchase. This means that homeowners' refunds will explode.
For those who have borrowed heavily during the boom to become homeowners, this means that they may feel unable to repay the full repayments unless they find a way out. increase the rent. 19659005] For others, he can see them completely leave the rental property business. When their properties change ownership, a new landlord will find it easier to set a new rent. Some landlords have bypbaded rent ceilings by putting the property up for sale. The study of the Central Bank examined 21,351 loans to purchase loans in three banks. Of these, he found that 35pc will switch to a traditional mortgage model by 2022. Most of the rest will not experience a similar reality until the 2030s.
Given that thousands of residential properties own have faced modest repayments up to now, as only the interest had to be paid, how come rents have increased so much? We continue to hear distress stories from the industry on how tax rules, regulations and other costs are decreasing profits and incentives for homeowners to stay in the business.
This may be true for those who have relatively recently purchased the boom, but with no interest mortgage only.
There is always the possibility that interest-only mortgages come back as a way to attract more people to the sector – especially those who do not have money to buy properties directly.
But this could be a dangerous road to go down. Buy-to-help relieve pressure and give a temporary and artificial boost to the area, but chickens can often come home.
These figures show that the owners of thousands of rented houses made a fortune when renting rents, given their artificially low monthly repayments, combined with their high rents.
The IMF stressed that our rent control areas do not seem to work. Since so many homeowners are about to be affected by much higher repayments over the next few years, this does not bode well for renters.
Sean Quinn and Anglo-meter continue to function as a case
Don It is not expected that the conviction of David Drumm, the former boss of the Anglo-Irish bank, would be the last we will hear about shenanigans and CFDs in the bankruptcy operation. The Quinn family lawsuit against IBRC is expected to begin in January
The Quinn family contends that loans made to Sean Quinn for the purchase of CFDs, but backed by family badets, were illegal and that security These loans have been badly put in place.
On the other side, IBRC takes cases against the Quinns for putting badets out of reach of the bank in a move that cost it tens of millions of euros. Cases are likely to run and it could be years before they are complete. Any kind of settlement between the parties does not seem likely.
Any loophole in the case of the state could end up costing the taxpayer much more money. Imagine handing over compensation to the Quinn family, in addition to the accumulated losses on the taxpayer as a result of the collapse of the bank.
If the Quinn have any case, it's always a risk. Yet reaching an agreed settlement would be political dynamite.
Regardless of the outcome, lengthy lawsuits will delay the winding-up of the liquidation and the payment of any final dividends to the state. Sean Quinn's CFD bet cost the state about 2.4 billion euros. The collapse of its insurance business still costs 1 billion euros, which we all pay through a tax.
The Anglo Irish Bank / Sean Quinn counter is still active.
Sunday Indo Business
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