WITH thousands of property investors in deep trouble because of the collapse in values, it is hardly surprising that a new organisation has been set up to help bail them out. The grand sounding Irish Property Council (IPC) plans to provide a “support mechanism” for house owners, investors and developers as they come under pressure from the banks and the courts.

The council says that unless a realistic approach to debt renegotiation takes place to include debt writedown, a reduction in the level of interest charged and “warehousing” of loans, the building industry would remain paralysed.

Co Kildare builder Paddy Fitzgerald, who is a director of IPC, said the Government and the banks had apologised for their roles in inflating the property market and investors were also prepared to apologise for their over-enthusiasm. All three parties were equally involved in the problem. “We would like to know what monetary value is to be put on the apologies from the Government and the banks. That is where the negotiations have to start. All three parties will have to sit down and negotiate a new banking protocol . . . an overall banking settlement.” The man is really looking for debt forgiveness for all concerned and can you blame him? Who didn’t buy a little investment property when the market was peaking, egged on by bankers desperate to keep up with their competitors?