Roscommon are all-Ireland champs for debt


By LOUISE McBRIDE

Sunday Independent

August 2nd, 2009

EVEN if Roscommon are still licking their wounds after losing their All-Ireland third round qualifier last month, the football defeat should be the least of their worries -- the county, which has seen its average debt increase nine times over since 2004, is now the most indebted in Ireland.

Five years ago, the average debt which would land a Roscommon person in court was €7,563, according to debt monitors Business Pro. This has since climbed to €68,640.

Galway is the second most indebted county in Ireland, according to the report, which found that, at €37,193, the average debt of the Tribesmen is now almost six times what it was five years ago.

Kildare, which has an average debt of €19,600 had the third worst record. The county with the lowest average debt is Tipperary.

The report examined debt pursued through the courts after an individual or business has been unable to pay for phone,
fuel and tax bills, as well as repayments on personal and credit union loans.

Almost €350m of unpaid debts were pursued through the courts over the last year -- twice as much as in 2004.

"The massive increase in bad debt was triggered by the collapse of the property market," said James Treacy of Business Pro. "We are going to see an even worsening situation as property deals hatched over the last three years fall apart.

"We are already seeing foreign owned banks rushing to secure their debts in a bid to get preferential treatment before Nama gets up and running. We expect this will continue and result in a doubling of bad debts outside Nama over the next year."

Almost one in 10 of those being chased through the courts for debt are either accountants, architects or bankers. One in 20 are publicans or bar staff.

But farmers seem to have got on top of their debt. Five years ago, six per cent of those being chased in the courts for debt were farmers -- this figure has since dropped to less than two per cent.

Top Judgments Registered

11.11.2020

Urban Green Private Limited
Address: R/o Atkins Hall, River Towers, Lee Road, Cork
Amount: €734,547.90

10.11.2020

Thomas O'Brien
Address: Castlegrace, Clogheen, County Tipperary
Amount: €93,749.13

10.11.2020

Margaret O'Brien
Address: Castlegrace, Clogheen, County Tipperary
Amount: €87,979.01

06.11.2020

Sean Browne
Address: 24 Woodlands Avenue, Arklow, Co Wicklow
Amount: €38,094.60

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