So It’s Good News, Then

If Paul McCann of the accountancy firm Grant Thornton ever decides to take up politics I predict a long and successful career for him.

He has shown a talent for spin which would leave most of our current politicians gasping in admiration.

Mr McCann had just been appointed Examiner of a company called Laragan Development, which was building apartments in two different locations in the Dublin area. 95 homebuyers who had paid deposits of €15,000 or €20,000  are being released from their contracts, as the apartments will not now be built for the foreseeable future, but will receive just 1 per cent of their deposits back, i.e, €150 or €200.

Instead of acknowledging that this is a disaster for many of these people, Mr McCann “noted the 95 individuals or couples who had put deposits on the properties would “suffer an immediate impairment”, but they would also receive a “substantial benefit” as they would be released from their contracts and could acquire alternative properties at a “substantial discount” in the current market.”

What sort of Pollyanna, glass-half-full crap is that?

I’d suggest to Mr McCann that to most of these people the loss of €15 to €20,000 is not a “financial impairment”, it’s an absolute nightmare. I’d also like to ask him how he thinks they might qualify for the “substantial benefit” that he mentions, since they will only acquire the alternative discounted properties to which he refers if they get a mortgage, and in the current market the notion of 100% mortgages is long, long gone. In other words, they’ll need a deposit. Probably around oh, say €15 to €20,000.

There’s a hole in the bucket, Dear Paul, Dear Paul.

I think the substantial benefit of Mr McCann’s well-paid profession has caused an immediate impairment in his ability to see how things are in the real world.


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