Monday 23 October 2017

Taxpayers need some answers

LAST March, Finance Minister Brian Lenihan declared himself confident "that the cost of saving Anglo Irish and Irish Nationwide will be €23bn to €25bn and the taxpayer will not lose anything with AIB and Bank of Ireland". Five months on, after the injection of another massive sum of taxpayers' money into Anglo, how does that forecast hold up?

And how does it meet the two questions of most concern to taxpayers as they gaze upon the wreckage of the banking system?

They want to know whether the total sum now in play really is the total liability. They have good reason to be sceptical. For the last two years, the Irish banking system has resembled a bottomless pit, swallowing up billions of euro and along with them the life prospects of a generation and more.

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