Wednesday 24 January 2018

Thomas Molloy: This king's ransom would pay for 1,000 new schools

Thomas Molloy

Thomas Molloy

TODAY is the day we get another big bill for the Celtic Tiger years. It won't be the last but it may just be the most expensive.

Two questions that will be on many people's minds today are what we could have done with the money and how are we going to pay for it?

Most observers expect today's bill for saving the banks to be somewhere between €13bn and €16bn, bringing the cost of rescuing the banks so far to as much as €27bn. We've become used to large numbers but this figure is still a king's ransom: enough to build 1,000 new schools, construct a new hospital in every county in the State, fund the defence budget until around 2035 or double the existing motorway network.

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