Cork City Council pays €3m interest on idle land

A cash-strapped local authority has forked out almost €3m in interest payments to service debts linked to the purchase of idle landbanks.

And Cork City Council, which is also facing a €600,000 pay restoration bill, could be hit with penalties of up to €2m if development work doesn’t start on the landbanks before the end of the year.

The situation was branded “farcical” by Fianna Fáil Councillor Seán Martin, who raised the issue after figures on the landbanks and the associated loan costs were revealed this week.