Padraig Smith is the new IPAV president

Sean McMahon Well known Cavan auctioneer and valuer Padraig Smith was elected as the new president of the Institute of Professional Auctioneers and Valuers (IPAV) at the Annual General Meeting in the Slieve Russell Hotel last Saturday. The auctioneers held their AGM on Saturday morning and this was followed by a Council meeting and then straight onto their conference where their new president, Padraig Smith delivered an inspirational address on home territory. He told the audience: "We all have seen the Bank of Scotland who for one reason or another has exited the Irish market giving massive debt reductions to some clients like anything from 30 to 80%. If a bank exiting the Irish Market can do this, why can't the banks that are still trading here? This again is something the Central Bank and Government need to look into. "I believe the property over hang is now is recognised by all to be approx 33,000 new homes and 53,500 second hand homes. The number of these properties that are owned by NAMA and the banks should be put on the market immediately and sold at the price the market gives. You might well ask who will purchase these properties but if your son or daughter were offered a property for 20 or 30k, I believe they would buy it," said Mr Smith. The banks and NAMA should write off, or debt-forgive the difference. It is only then that the property market will start to work again. He will be a busy man for the next twelve months and he said it was a great honour to be elevated to the position of president and he has worked hard over the years to achieve his ultimate ambition. The affable Padraig attended his first meeting in Dublin about 20 years ago and was elected onto the Auctioneers Council in 2002. He then progressed to junior vice president and senior vice president last year. Now that he has the chain of office, Padraig will be attending various meetings and will be striving to promote the IPAV, the only single Auctioneering body left in Ireland. Padraig recognises that there are tough times at present but there was a good energy at their AGM and the conference in the afternoon. He hoped that the enthusiasm generated at the conference will help to bring some life back into the property business. He told the conference that there are people coming into auctioneers all over Ireland who are willing to purchase property and some even have up to 50 per cent of the money. However, when they go to the Banks, they can't get the balance of the money. They are given all sorts of excuses as to why they can't be loaned any money and "that is happening all over the country". He said the Banks were now far too cautious. A lot of Billions were put into the Banks and it is now difficult to fathom why they can't even loan money to people with half the price of a house already. He added that there was suppose to be a number of billions ring fenced for small businesses and for loans for young people trying to purchase a home. "We feel there is nothing happening in this respect," he said. Mr Smith said he would like to see it clarified so that people will know whether the Banks have the money or not. "If someone would come out and tell us that is the position, then we would know where we stand. We are being told by Banks that they are giving out loans, but that does not appear to be the reality on the ground." He added that the only people that can purchase property at the present time are people with money and "they are buying it at their price". Padraig Smith Told The Anglo-Celt that land is still selling and he recently sold eleven acres of €86,000 at auction, and the previous week 18 acres made €130,000. "Land is selling but houses are very slow to sell," he explained. He pointed out that some people claim that there is more money to be made during a recession, than during the boom times. "Hopefully, people who have money will invest in property. You can literally buy property at your price. If you put the money on the table, most of the venders out there trying to sell property, will accept a reasonable offer. You can buy great value at present," said Mr. Smith. Restructured payment of Irish debt likely A restructured repayment of Ireland's huge debt is more likely than a structured default, Ernst Young economist Neil Gibson told the Institute of Professional Auctioneers and Valuers (IPAV) in Cavan at the weekend. A default would likely lead to penalties for the economy and cast doubt over the survival of the corporate tax rate, he added. Sean McMahon