Nobel Prize fitting reward for whoever discovered €3.6bn

THE Government has just found €3.6 billion that they did not know they owed.

It reduces Ireland’s debt to GDP ratio by 2.3%.

This is an important discovery, on a par with the theory of relativity. It was there all the time, but nobody saw it.

The Irish people, in their misery, are weeping tears of joy.

Whoever discovered this bonanza is a true genius. Reward them well. Promote them immediately to the top job in the Department of Finance.

They deserve the Nobel Prize for Economics.

The academic world should document the methodology that unearthed the missing billions. It should become the standard handbook for all financial reporting officers throughout the public service.

This one instance turned up €3.6bn. Let the Department of the Public Service adopt a new strategy.

Let them replicate the methodology throughout the entire public and semi-state service. They could find another nine such instances. Ireland would then be less poor by €36 billion. That would reduce our debt to GDP ratio by an amazing 23%.

The Troika would be astounded. They might even go home and leave us alone in peace.

The old analogy of the ‘tip of the iceberg’ is appropriate here. There could be a further 90% of massive savings lurking beneath the murky surface just waiting for skilled forensic auditors to discover.

Such liquid assets would set our country afloat and buoyant once again.

Lastly, does the fact that we found €3.6bn indicate that the budget next month does not have to introduce any austerity measures at all to claw back the same magic figure?

Michael Mernagh

Raheens

Carrigaline

Co Cork