Like many the home owner wondering if that leather corner piece was such a good idea, I am as curious as I am admiring of the bravery of Oireachtas members who have built up such extensive property empires in these difficult times. There are two in particular who must be hoping like hell that it doesn’t occur to anyone renting from them to suddenly up sticks to pastures new in the middle of the night or even for such tenant types to try push hard for a rent reduction. So Frank Fahey and Ivor Callely the laurels are to you this year for being the most confident and committed of all public reps in placing such faith in the world of property.
Now I’m sure that two such men of the world have taken all necessary measures to limit their overall exposure to the downturn. Both strike me as the type to have followed keenly the works of Lord Archer with his interest in political twists and turns. Now I’ve been doing some rough calculations (who do you think I am the department of finance, rough is the best I can do) and my guess is that both Frank and Ivor are probably going to err on the side of prudence and cut back on the old expenses in the near future. They might even succumb to temptation and break out the old student favourite of beans on toast as an entrée.
Still as the bank ads say so long as they can keep up the repayments everything should be fine, right? It’s not like property ever loses value, is it? Anyway if you happen to find yourself at the FF Ard Fheis this weekend be sure and not to embarrass Frank or Ivor should you see them by buying them a drink, let them save face by buying you one instead. And all with the government and let’s face it much of the nation suffering from a degree of moral bankruptcy when it comes to the origins of this financial mess it wouldn’t do for anyone else to be letting the side down.