| 17.1°C Dublin

Close

Premium

'If we don't rescue businesses, we will end up bailing out banks' - warning from former Dept of Finance secretary general

Cabinet report sounds alarm on foreign investment

Close

John Moran. Photo: Oisin McHugh True Media

John Moran. Photo: Oisin McHugh True Media

John Moran. Photo: Oisin McHugh True Media

Ireland's extended lockdown and "conservative" and "unclear" reopening plan will leave many businesses permanently closed, with the "grave" economic impact of Covid-19 threatening the State's attractiveness to foreign investors, a government report has warned.

The grim economic assessment presented to Cabinet ministers last Friday comes as a former top civil servant has warned that unless retailers, creches and other businesses are given a bailout of at least €10bn, the State is facing another banking crisis.

John Moran, who was Department of Finance secretary general during the Troika bailout years, told the Sunday Independent: "If we don't rescue businesses and stabilise employment, we will end up bailing out the banks."


Most Watched





Privacy