Wednesday, 23 June 2010

Eurobarometer report and Merrill Lynch study offer different perspectives

You wouldn’t know what to believe. Today’s Irish Times carries a report on an EU Eurobarometer survey, conducted last month, showing that nearly three out of ten Irish people “fear they may run out of money for food, ordinary bills and daily consumer items." 15% fear for their jobs and a whopping 45% would have trouble coping with an unexpected outlay of €1,000.

Switch over to the Metro Herald and you’re greeted with the headling “RICH LIST GROWING DESPITE THE SLUMP”. Despite Nama and all the other banking/property developer bail-outs, a Merrill Lynch / Capgemini study claims that the number of Ireland’s millionaires hit a peak in 2007 (20,400) before falling by more than 4,000 in 2008. Last year, it seems that the number crept up by 2,000 to 18,100.

According to the Metro piece, the phenomenon is due to investments on the stock market, which rose overall by 24% from a low base in 2008. “Experts” say the number of developers and property investors going bust “would not have had a significant impact on ‘high net worth individuals’”

Hmmm. That’s very surprising, considering that during the Irish property-buying frenzy, the world, his wife, and the whole extended family were in on the act.

Something doesn’t add up.

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Anonymous said...

GM the 2000 individuals you mention must have had serious money on the stock market.

Also GM 45% in fear of spending 1000euro? There really is two very distint Irelands emerging from this. Theres also a property tax on the way I wonder how many in that situation are home owners?


The Gombeen Man said...

Yes Dakota, if that 45% figure is accurate, it's a hell of a lot of people who don't need an awful lot to tip them over the edge...

Anonymous said...

gday MR GM i think everybody should just calm down, perhaps you may not have heard of minister martins certified oirish programme. this brilliant concept will bring so much employment this time nextyear dole will be a thing of the past all the hotels will be full the gombeen chancers will be buying choppers, my sources tell me the plan is to have half the world certified in i year mr martin is working with guiness each pint sold will come with a real certified oirish document, a long night could mean 12 certs which could be resold for a BIG MACK , he is also working with MC donalds, burger king; KFC, each burger sold will also have a certficate of oirishness its reported there is strong interest coming from the irish in china where these certs are printed, the isralies already have printed a container load for sale to the chinese oirish at a sharp discount , many have said mr martin is your average FF GOBSHITE thick as 3 short planks nailed together, this stroke of genious proves once again never take the book by its cover BH

anna said...

Dear GM, I thought your blog published fair and balanced comment- but am saddened to see BH having an unfair pop at Miheal Martin - he is a decent Fianna Fail Minister and quite right to concentrate on issuing Oirish certs to Irish aboard. Or, I just got the wrong end of the stick completely and MR BH is also in awe of Miheal Martin’s new scheme?
It’s an excellent scheme and I imagine many unemployed brickies , plumbers and Waterford glass blowers can be totally rehabilited into the world renowned cutting edge industry of genealogy.

I am a little baffled that no citizenship rights accrue to these though - It seems to me something that Genealogical research companies once did, selling Family trees and coat of arms etc but MM must have his reasons- maybe he is upskilling himself to do something different, because as someone remarked to me’ In 2 years Michael Martin will be on the dole himself.’ - Really?
I‘m a bit puzzled as to why MM would give up his fat Minister’s salary, just to be a geneologist, my friend once did it , it didn’t pay too well…
OH well never mind the gloomy prognosis , I think the Minister just wants to Lead by Example, by inspiring us all to learn useful new skills, skills that will bring multinationals to our shores., improve our economy etc - the ‘can do’ spirit for which his party is famous.
And having stumbled on their site, I can say I do trust Fianna Fail to lead us out of recession:
The name of the numbskull party who lead us into this escapes me, but check out for inspiration:
There’s an article by Ivor Callely on the Taoiseach’s visit to his home village in Cork.
AND a World Cup blog- NOW what other party give you that? Bang on the pulse of what Ordinary people really want;
Yes- Always Look On The Bright Side of Recession-That’s Fianna Fail .
Even Better- Pretend It Isn’t Happening- That’s Fianna Fail, again, and again and again.
Now Please no more negativity and Arise and Follow Brian.

The Gombeen Man said...

Another possibility: Given we Irish are world-reknowned for our wit, crack (not to mention horse), literary prowess, banter, cleverness, friendlinesss, inclusiveness, relaxed live-and-let-live attitude, and stunning good looks; demand for the Oirish Certs could spark off a huge industry that could lift our wonderful little land out of its wrongful place in recession!

Anonymous said...

Its happening as we speak the new oirish certs are being produced and being given out free to all the honorary oirish peeps, all over the world. Just think when the last cent is leaving your emaciated clenched hand, you still have all that free wall paper. Can't say they dont think ahead....

Another grand day to be oirish.


anna said...

Articles that big up the shattered economy are on how well the Rich are recovering- and articles which say we’re finished concentrate on 400,000 unemployed & struggling with huge mortgages.
I now find it all too overwhelming , and I’ll just end the struggle …I mean the struggle I have had for 13 years , asking these rich slim balls weren’t packed on their yachts and told start paddling … I now think maybe I have always been too Negative and hard on them ?

I noted this article in Irish Times ( 24 June):
“The business community has to acknowledge criticism when it is due and earn back trust,” writes LEO Crawford, of IBEC
There! He’s said there’re sorry…so the article continued, ok so it was a flimsy article , but he says least they’re trying…

I Did think it was marred tho, by 6 unfavourable blog comments ( none favourable): For instance this from a Roger Rafferty
‘Nowhere in this article are mentioned IBEC's links to the Irish banking and financial sector. A perusal of IBEC's website trumpets association with such as Financial Services Ireland (FSI), the Federation of International Banks in Ireland (FIBI), the Irish Banking Federation (IBF), the Irish Funds Industry Association (IFIA), and the Irish Association of Investment Managers (IAIM).
All the talk of belt-tightening and what 'we' should do is rather hollow when measured against the performance of the banking and financial services sector in Ireland. No single grouping has done more to destroy Ireland economically, to destroy its reputation internationally, to undo progress from before, than the banking industry, not least by pumping the country with credit for their shareholders' profits and staff bonuses, keeping property prices soaring and enslaving a generation or more to lifelong debt. The only other group in Ireland to do as much damage is government, which failed to regulate this sector, gave them billions when the party was over, and provided guarantees way in excess of those provided elsewhere in Europe to insulate them from the consequences of their wrongs and their failed greed-driven gambles. You say: "The vast majority of entrepreneurs and managers despair at the negative backwash from a few high-profile cases of questionable behaviour. However, as a business community, we have to acknowledge criticism when it is due and earn back trust and authority." Do you really consider the economic catastrophe that has befallen Ireland in such unbelievably lightweight terms? This is a total national catastrophe Mr IBEC President-to-be, with the government providing tens of billions of euro to bankroll what are a damn sight more than 'a few high-profile cases of questionable behaviour'. You will never regain trust with such a selective approach to debate, and what gives you the right to seek authority? Why should we listen to a word of what you have to say, with such arguments and omissions? What you don't say and chose to leave out tells us lots more. ’ ‘-
Roger aren’t you a little harsh! Be Fair- Leo was man enough to say ‘we HAVE to acknowledge criticism WHEN it is due.’ NOW surely you have to admire the Brave Way our rich criminals have taken their - Justly deserved- criticism? No more calling for prison sentences, please !- have they Not been Criticised enough?