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Art Kavanagh
Marine Finance Consultant

Eaten Bread Etc???

I read in disbelief of the proposed write downs in some high profile debts and wonder how people are allowed to keep Houses that they have effectively not paid for.

When you borrow money and give security – you are warned that in the event of non payment you are likely to forfeit the Security. That was the deal you signed up to. The lenders responsibility was to allow you to draw the Loan once it is approved. Your responsibility or your part of the deal is to pay the loan off or forfeit the Security you gave for the Loan.

That was the deal!!!

There is a disregard for responsibility for unpaid Loans and other Debt creeping back into Society. The person owing the money is the one who should be embarrassed- not the person owed the money.

If you ask for a job to be done make sure you are in a position to pay for it. It is simply not fair to leave people unpaid for Work carried out in good faith.

Our Quotas for 2020 have been announced with the usual triumphant attitude of our Minister who as always will have claimed that he has saved us from worse cuts.

That may well be and the negotiations can’t be easy but that the same time we see that the weighing of Mackerel on the pier is creeping back into the discussions.

I understand that we are the only country requiring this weighing regime and even with the various concessions offered since the announcements first made there is going to be total waste of fish and resulting income to the fleet. If the water is removed from a tanker to allow the fish to be weighed net of water the fish will be damaged beyond use and will be heading for the fishmeal plant.

A Tanker of Fish containing say 10 tonnes at current prices would be worth in excess of €10,000 and would be wiped out.

How can anyone justify that?

I know that our Government adopts a Cavalier Attitude to say the least to Financial Waste when we look at the Childrens’ Hospital Debacle, “Printergate” which is like something from a Carry On Movie , Deputies claiming Expenses willy nilly and other things ... Does nobody check anything up there apart from trying to stop decent People doing their Work.

It is very easy to be dismissive of Effort when it is someone else’s Effort Lads

SHAME on you all.

In recent months I have been dragged in to a number of situations where some negotiation might improve the prospects for both Bank and Borrower where various wheels have come off.

I have to ask if they really want to clear their Books at all unless it involves selling the Loans to Vulture Funds?

I am a professional Banker and therefore believe that Loans granted in Good Faith must be cleared one way or another.

I absolutely believe in the Right of the Lender to exercise their security and have great difficulty with the absolute Rubbish from some of our Politicians. If Loans are written off where do they think the Shortfall will be found?????

On the other hand if there is a realistic deal to be done where both Bank and Debtor can emerge with some dignity- why not explore it.

The Blood out of a Stone simile applies here.

I have a situation at the moment involving a substantial amount of money where the Bank is insisting on following Legal means despite the offer from the Debtor of sacrificing the Security. This is absolute waste with only the Legals making money from it at the eventual Cost to the Bank.

We all remember the “Jobsworth” Awards from the Esther Rantzen Show on BBC TV years ago.

The old concept of waking the Patient up to give him or her the Sleeping Tablet has crept in. You will take your Tablets even if they Kill you!!!! Let’s hope that as we enter a new Decade we can ALL OF US- that includes our Government and Regulator work together to maximise the value of our Seafood Sector and bear in mind that the foundation of the seafood sector is found in the Fleet.

Can we examine our national conscience to see if we can convince ourselves that the Financial and Personal Risks taken by the Catching Sector are matched by an atmosphere of support and understanding from Central Government. I know that we are on the thin end of the Agri Food Sector but we do abide by whatever Market

Forces throw at us without heading for Kildare Street if the Price of our Produce drops.

Remember that everyone.

The sight and the arguments which have been promoted widely by our National Press in recent months make me absolutely sick.