Connect with us

News

The bank of mom and dad

Published

on

0223259_Ted_Healy_1000x600.jpg

By Ted Healy of DNG TED HEALY

As young first-time buyers continue to struggle to get on the property ladder, the traditional 'bank of mom and dad’ is receiving increased public support.

According to a new survey conducted by taxback.com, 59% of taxpayers believe parents should be allowed give children a leg up the property ladder if they are fortunate to be able to do so.

A majority of those surveyed said parents should be allowed to gift their children as much as they want, without tax implications for either side.

The counter argument here is of course fairness to all house hunters, and the extra pressure this heaps on those who cannot provide financial assistance for their children.

Almost 42% of first-time purchasers availed of financial gifts as part of their deposits with 25% of mover purchasers doing the same.

There is a swell of support for the personal choice of parents to provide financial support to their children when it comes to purchasing their first home. This is completely understandable as we all work hard to provide the very best we can for our children in order to help them on their way as much as we possibly can.

The other side of the coin here is the ‘fairness’ element, should the “haves” be able to wield more power than the “have-nots” in the property market?

For example, should a person with wealthier parents be allowed to shore up the available properties, leaving those who don’t have the same financial support on the sidelines?

If you have a case of a few different people bidding on a property, which is a scenario we are experiencing frequently, and one has the benefit of a substantial cash injection from a parent it creates a different playing field and has a knock on effect on house prices in the neighbourhood.

A question for Government and regulators is whether the 'bank of mom and dad' is becoming a banking force in and of itself?

The 'bank of mom and dad' has always been there in the background. The difference now is that it has become more prominent.

Advertisement

News

Killarney National Park Autumn Talks up and running

Published

on

By

Killarney National Park Autumn Talks up and running


Following a successful opening presentation by award-winning photographer James Crombie on the mesmerising starling murmuration’s of Lough Ennell, the 38th annual Killarney National Park Autumn Talks Series continues next week with a focus on Irish biodiversity.


The lineup for Thursday, October 15, features guest speaker Professor Grace McCormack of University College Galway, who will present a talk on “The Importance of Native Honeybees and Other Pollinators and Current Threats to Their Survival”.
Prof. McCormack’s address will explore the vital role native bees play in local ecosystems, the environmental pressures threatening their populations, and the conservation efforts required to ensure their survival.
Last night’s (October 8) opening talk, saw Inpho Sports Photography staff photographer James Crombie kick off the six-week series.
Crombie, named Irish Press Photographer of the Year in 2021, 2022, and 2025, shared the story behind his famous images documenting Westmeath’s starling displays, which reached millions of viewers worldwide.
The Autumn Talks Series runs weekly for six weeks in the Killarney House Auditorium (V93 HE3C) at 8.00pm. Admission is free, though seating is limited. All presentations are also live streamed via the Killarney National Park Facebook page.


MESMERISING NATURE: Multi-award-winning photographer James Crombie, who opened the 38th annual Killarney National Park Autumn Talks Series with a presentation on his famous starling murmuration photographs.

Attachments

Continue Reading

News

Missing Killarney chef located dead in UK

Published

on

By

Missing Killarney chef located dead in UK


A 34-year search for missing former Killarney chef Patrick (Patsy) O’Sullivan ended following confirmation that he was located deceased in the UK.


Patsy was 35 years old when last seen by relatives in Lombardstown, County Cork, during the Easter Bank Holiday weekend in April 1992. At the time of his disappearance, he was working as a chef in Waterville, having previously worked across several Killarney hotels. He was scheduled to attend a family Christening shortly after returning from Kerry, but never arrived.
Despite decades of public appeals, including features on RTÉ’s Crimecall, his location remained unknown.
Investigations revealed that Patsy moved to the UK and changed his name to Patrick Aldridge in 1995, adopting the surname of his partner who passed away in 2022. He passed away from natural causes on July 5, 2024, living just over an hour away from his brother who also passed away in the UK last year.
Speaking on Cork’s 96FM, his brother Jerry O’Sullivan confirmed the family finally received closure following renewed efforts led by Garda PJ Roche and investigating officers. He noted that while unanswered questions remain about why Patsy started over fresh, the family is grateful for the work that brought final answers.
An Garda Síochána confirmed the missing person case is closed and thanked the public for their assistance over the years.


IN MEMORY: Patrick (Patsy) O’Sullivan, a native of North Cork who worked as a chef in Killarney and Waterville, went missing in April 1992 and was located deceased in the UK. Photo: Garda Press Office.

Attachments

Continue Reading