The enormity of the black hole facing banks and taxpayers is summed up by Economist David McWilliams today who says that “the banks will take €500 million a week out of the economy for the next two years”.
It is a gloomy summary of our predicament – and a crisis that has squeezed homeowners, taxpayers and businesses. One sector has been given a glimmer of hope by AIB. The bank yesterday suggested that it might write off the debt of struggling borrowers. Debt forgiveness for those with mortgages they can’t repay.
Joining Pat was Karl Deeter, Operations Manager with Irish Mortgage Brokers and Jim Power Chief Economist with Friends First.