Apartments cost more to build than 3-bed semis, no 'upper limit' on tracker compensation

Business Today: The best news, analysis and comment from ‘The Irish Times’ business desk

Is this why there is a crisis? Developers say it’s now more expensive to build apartments than it is three-bed semi-detached houses.

Is this why there is a crisis? Developers say it’s now more expensive to build apartments than it is three-bed semi-detached houses.

 

Developers have been calling for the lifting of height restrictions on building in Dublin but a new report from the Society of Chartered Surveyors in Ireland now says apartments are more expensive to build than three-bed semis. Could it be true? Colin Gleeson reports

Central Bank chief Philip Lane said there is no upper limit to the amount of compensation banks will have to pay customers wrongly denied tracker mortgages. Joe Brennan and Fiach Kelly report as the parade of Ireland’s top bankers into the Department of Finance for a dressing down commenced yesterday with KBC, Bank of Ireland and Permanent TSB all meeting Paschal Donohoe. AIB and Ulster Bank follow them today.

Speaking in Dublin yesterday Eurogroup president Jeroen Dijsselbloem warned that most EU economies were not yet strong enough to withstand a financial shock. Harry McGee was at the Institute of International and European Affairs for his address.

As Ryanair’s pilots look to face down the company over demand for a doubling of basic pay, the head of the pilot’s union at Southwest Airlines – the original template for the Irish no frills airline – is flying in to support them, writes Barry O’Halloran.

Property developer Deirdre Foley, and some of her co-defendants face further charges over the sudden closure of Clerys department store and its aftermath.

Also in the courts, liquidator Michael Leydon rejected an offer by TD and former developer Mick Wallace to consent to restriction as a company director. Mary Carolan explains why.