I’ve decided to define new units of currency: the IR$chool and the IRChildHospital.
One IR$chool equals roughly €2 million.
One IRChildHospital equals 500 IR$chool
So far, Anglo-Irish Bank has cost the State 12,250 IR$chool or 24.5 IRChildHospital.
Irish Nationwide has cost the State 2,000 IR$chool or 4 IRChildHospital.
The other two banks have so far cost the State 3,500 IR$chool, or 7 IRChildHospital.
Nama will cost at least 20,000 IR$chool, or 40 IRChildHospital.
Let’s add all that up.
So far the cost to the Irish taxpayer of bailing out the banks instead of letting them collapse is 37,750 schools or 75 National Children’s Hospitals.
It’s 90 LUAS systems.
It’s nine times the cost of all the motorways ever built in Ireland.
It’s 190 Aviva stadiums.
This is more than three times the entire amount of European structural funds given to Ireland in the last 30 years, all down the toilet because of the government’s desire to protect the banks and their investors at all costs.
Here’s a quote from that rabid Communist rag, the Financial Times, as given in The Irish Economy:
It is time to staunch the bleeding. As Irish state guarantees near their expiry date, some banks will not be able to refinance their balances. The government should prepare insolvent banks for forced debt-for-equity swaps, which would instantly recapitalise the banks in question and cap the government’s exposure. This cannot be done frivolously; European institutions are exposed and EU partners must be consulted. But someone must put an end to the practice of handing banks blank cheques. Some Irish pluckiness would benefit us all.
News reaches us today that McInerney Homes can’t pay its bills and neither can REO, the Treasury Holdings company set up as a vehicle for Johnny Ronan’s monstrous ego. Johnny was the darling of the arse-licking classes in the high-flying years, as this grovelling piece from 2006 shows, but now, it seems the ordinary worker will be picking up the debris for him. Send a pig-dealer’s son to a posh school, and every forelock-touching Paddy in the land will be turning the gobshite into royalty.
That’s Ireland for you.
Not to worry. If these companies stiff the banks, there’s always the Irish taxpayer to make up the loss. REO owes the banks about 1,000 schools in total, of which half is to Irish institutions, so there’s another billion coming out of your pocket, thanks very much. McInerneys, on the other hand, owe Irish banks a piddling 50 schools. One way or the other, the banks won’t lose, because the government will make up whatever shortfall arises due to the hubris and stupidity of Treasury Holdings and McInerneys.
Anyway, it’s only the price of another thousand or so schools. Not even a full children’s hospital.