Finance accused of ‘crass stupidity’ in BoI sale
Peter Brown, head of the Irish Institute of Financial Trading, described the move as “crass stupidity.” Speaking on RTÉ’s Today with Pat Kenny yesterday Mr Brown said: “It makes absolutely no sense to me why we would sell something that is yielding the taxpayer 10% when we can go into the market and borrow at 3%. It is stupid.
“It [Bank of Ireland CCN] would yield us €67m net a year every year, if we held it. It is a distinct lack of understanding of financial market awareness. I don’t know who is advising the Government on this.” But a department spokesperson said the decision to sell the notes was sound.
