After all, it is not only in Ireland, but in many countries around the world also, that bankers and regulators are – or should be – acutely conscious of the mistakes – sometimes breathtaking – that they too made. Over-confidence in the risk management capacity and self-regulating properties of modern finance were widespread.
In addition, these alternatives may shorten the length of time that a property lies vacant. The deterioration of a property while it lies vacant not only reduces the market value of the property, but also imposes considerable costs on the surrounding community by depressing the prices of neighboring homes, attracting crime, and creating financial burdens for local governments.