Costly borrowing for taxpayers

Michael Noonan thinks he should be applauded since he borrowed €5bn last week on behalf of the Irish people.

One problem is that he never highlighted to the people that this money is not needed until the end of 2013, and at that stage it will have cost the taxpayer around €200m in interest.

At the moment, our bailout money is costing 3%, but this money is costing 6%, twice as much.