A simple solution to our economic problem
Published 28/03/2011 | 05:00
Perhaps I am being very naive about banking and the manner in which the economy works, but it seems to me that instead of handing vast sums to the banks, which have acted so negligently and for which we, the hard-pressed taxpayer, now have to pay, there is a very simple solution to help everyone.
Could the Government not send a cheque to every householder who took out a mortgage during the Celtic Tiger years, equivalent to, say, 40pc of the loan, which could only be used to pay the mortgage company that provided the loan?
This would have the effect of helping struggling and negative equity homeowners and reimbursing the banks/mortgage companies.