Yes we do indeed have a “sovereign wealth fund” – it’s the National Pension Reserve Fund which was raided by then-finance minister Brian Lenihan in 2009 and 2010 to shore up the banks, and over 24 months we depleted a €25bn fund which was supposed to cushion the future effect of pension commitments in the State. As a wealth fund, the NPRF invests in a range of products, from stocks and shares to more exotic products including property funds.
Well spotted,
Only last week we the gullible Irish were told that property prices in Dublin had risen 2.5% .Of Course they didn’t! and they are not likely to rise anytime soon. If you are tempted to purchase an apartment just think about this, 200 of our fellow countrymen are leaving the country every day and the gangsters in Lenster House would have us believe that unemployment is not growing anymore (Fiddlesticks) .Fact : You can’t give away apartments in some places in the country and even Dublin is experiencing massive problems in sales as a large number of complexes are just not insurable because of the public liability calms and not to mention the constant hikes in outrageous management fees. The latest hikes in property tax has all but destroyed the rental of such properties! Prices for a one bed roomed apartment in Dublin will have to come down to around 40K before one could realistically consider buying! Remember the Government is the largest property owner in this state and they have a vested interest in conning the public to put their hard cash into their hopelessly overpriced shoeboxes!
My advice stays away for now!!!
100% Correct