Generations of taxpayers must not be burdened with bad debt

THE nationalisation of Anglo Irish Bank will result in a millstone of bad debt around the country’s neck if it is maintained and NAMA proceeds.

Ireland’s population of almost 4.5 million has around 1.5 million households – many of which are single households.

Anglo’s €11+ billion bad debt and the other banks’ estimated €40+bn bad debt will mean a debt per household of €34,000. Around 65% of households comprise the elderly, disabled, unemployed, the very low waged or other non-taxpaying family units.