Bad investment

CAN anyone explain to me why we are paying an average of €430,000 per annum to a group of people who borrow money at 3.53% per annum and invest it at 2.6% per annum.

The €430,000 per annum is the average pay for the National Treasury Management Agency CEO and its top five directors as established by the Comptroller and Auditor General in 2004.

The 3.53% is the rate of interest paid by the Government on borrowings from the public through the Post Office saving certificates. The 2.6% is the average annual return from the National Pensions Reserve Fund since its inception in 2001.