Wednesday 24 January 2018

Brendan Keenan: Facing truth can set you free, but at what price?

Brendan Keenan

Brendan Keenan

THE truth shall set you free, the saying goes -- but it doesn't necessarily make you feel better. Even if yesterday's figures on the banking costs are, finally, close to the truth they come as a dreadful shock.

Not everyone will agree that even the gross total of almost €50bn (before any savings) is the truth. The opinion which matters, though, is that of the banks and investment funds who will have to lend us almost €50bn over the next four years -- not to rescue the banks, but to keep the country running.

They may be inclined to believe the figure. It is close to that calculated by the credit ratings agencies, and by those economists who were regarded as hopeless pessimists.

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