€48m for unfinished states lies in bonds

Banks and building societies have failed to release €48m in construction ‘bonds’ to Cork County Council for the completion of essential works in unfinished housing estates.

With uncertainty over the value of some of the secutiries, county councillors are demanding officials adopt a get-tough policy.

The 601 bonds, relating to 586 housing developments, were the council’s insurance policies against unfinished works such as public lighting, footpaths, roads, water, and sewers.