‘Bank-style bailout’ urged for council

The Government must consider a ‘bank-style bailout’ for a local authority burdened with almost €3m in property tax liabilities and new loan repayments as it tries to prepare its 2014 budget.

The call came from Cllr Sean Martin (FF) last night who warned that the scale of the financial difficulties facing Cork City Council ahead of its Dec 16 budget meeting is far worse than people realise.

As reported in the Irish Examiner in recent days, the council is trying to prepare its budget for next year against the backdrop of a €400,000 property tax bill on its housing stock for this year, and an €800,000 bill for next year.