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Irish Property Council announce their support for Margaret Hanrahan's "debt horse ride"

The Directors of the Irish Property Council (IPC) are pleased to announce their full support for Tipperary widow, Margaret Hanrahan on the "debt horse ride" she has embarked on since Saturday from her home in Tipperary to Leinster House, Dublin. The aim of this is to highlight the financial difficulties she is encountering with her bank ACC in relation to repayment of a 1.2 million loan.

The bank have already repossessed two plots of land she owned near Cahir in Tipperary and are now endeavouring to take her family home and equestrian centre to make up the shortfall on this debt, thus depriving her of her only income which is from this riding school.

Margaret fully recognises she borrowed the money and has to pay it back but the "bully boy tactics" been taken by the bank are not acceptable and are not a constructive way of helping her meet her debts. She has done everything to work with them but to no avail, hence her reason for organising this "debt ride" to Dublin.

She wants however to highlight the fact that she, like many others, acted on the financial advice which was available at the time when taking out this loan. This advice did not include warnings from the Government of the day and in particular the Financial Regulator, that the economy was not sustainable and that loans like hers would be very difficult to pay back in the foreseeable future.

She is doing this "debt ride" not just to focus on her own financial plight but that of the many other Irish Citizens who are in similar situations and are being hounded by banks and other financial institutions.

The Irish Property Council applauds her courage in taking this action and hopes her situation and those of many others will be dealt with constructively by financial institutions as a result of her unique stance.

The End

Further information:

The Irish Property Council, 25, Fitzwilliam Square, Dublin 2.
Tel: 01 5143862


Patrick Fitzgerald,
Martin McGinn,
Damien Donegan,
David Mellon,
Seamus Savage,
Peter Daly,
Patrick White

About The Irish Property Council

The Irish Property Council (IPC) is a professional organisation set up to provide a cogent voice to the people engaged in the property business in Ireland, including builders, developers and investors. The Council has been set up to foster unity across its membership body, to best explore and understand the broader affairs they each face.

Prior to the founding of the IPC the property industry in Ireland had no single, cross sector representative body. The IPC has been established to fill that void and to provide the support mechanisms needed by its members, ensuring that their contribution to Irish society is represented as a professional business interest within Ireland.

Mary FitzGerald
PR Consultant-Irish Property Council
Tel; 01-6787916. Mobile: 086-2520181
E-mail: info@maryfitzgeraldpr.ie

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