Our €87.5bn in the bank does not add up to a spending spree
Michael Noonan's call on Irish savers to go out and shop is based on flawed calculations, says Jerome Reilly
At the end of March, Irish householders had €87.5bn in savings in resident credit institutions.
That's the money Michael Noonan wants us to liberate and spend, spend, spend.
The perception is that since the economy tanked we have been squirelling away money, that tens of thousands of families have tens of thousands of euros resting in their accounts.