Government urged to write off debt on landbank

There have been calls for the Government to write off the debt on a publicly owned landbank in Cork City earmarked for up to 600 homes after it emerged that the cost to the city of servicing the interest on the loans has soared to over €5m.

Fianna Fáil councillor Sean Martin said it was a scandal that Cork City Council has to service the debt linked to the 22-hectare site off the Whitechurch Road, especially during the midst of a housing crises.

“We, like other councils around the country, were asked to accumulate landbanks with housing development potential, and the council bought these lands in good faith,” he said.