€2bn a year saving to be made on ‘IOUs’: think tank

A GROUP working to address the country’s economic inequalities says the Government could save €2 billion a year by restructuring its “IOUs” for Anglo Irish Bank.

Launching its pre-budget submission yesterday, independent think tank TASC said the savings could be realised by turning the Government’s promissory notes into low-interest, long-term bonds.

TASC economist Tom McDonnell said the money could be saved every year from 2012 to 2023 by restructuring the promissory notes — a promise to inject real cash into Anglo at some point in the future.