Bank billions could have been better spent

PROBABLY, in the circumstances, the Government acted wisely and fairly in giving the banks a blanket guarantee on September 20 last.

However, in no way are they justified in putting the taxpayer at further risk by financing the Big Two – AIB and BoI – to the extent of €3.5bn each and the other banks accordingly. Neither should these banks be nationalised.

This huge sum could be used far more sensibly and profitably in supporting Irish industry, R&D and education, thereby helping to retain jobs and create new ones.