Arrested Development – U2’s Street with No Name

Even as Irish rock band U2 were having a street named after them in New York (53rd street will be U2 way for a week) news of the collapse of their luxury apartment development in Dublin’s distressed docklands takes the shine off.

U2 Tower is no more

Not long so ago, Bono and a team of property developers cast their eyes over Dublin’s docklands and planned a tower development as a monument to Ireland’s super-strong economy in one of Dublin’s poorest areas. The U2 Tower was planned to be Ireland’s tallest building, complete with luxury apartments and a recording studio. Unfortunately, the “strength,” was based solely on over-borrowing and a housing bubble that has now burst, and the  project has now been delayed indefinitely.

Ireland has gone bust in a big way, possibly rivaling Iceland’s demise. As usual, the local politicians are pointing the finger at a global problem that started in the US, rather than accepting any responsibility. The housing market has collapsed completely; banks are being raided by police after numerous scandals and frauds have come to light; unemployment is rising fast, and the country recently introduced an emergency budget to cope with the crisis, which will be unveiled next month.

It is fair to say that the only thing preventing Ireland from following Iceland into bankruptcy is their adoption of the Euro. Speaking of Euros, I was shocked to discover that an Irish bank actually had some cash in it. €7.6 million actually, which is the sum taken from The Bank of Ireland by a gang of armed robbers last week. €1.8 million has already been recovered, but the rest is still missing. Maybe Bono should put the word out – he might finally find what he is looking for.