Festering sore of bankers’ pay won’t go away

By David Murphy, Business Editor @davidmurphyRTE It is no surprise the enormous salaries and pensions paid to bankers continue to make people deeply uncomfortable. Citizens who still have jobs are paying higher taxes, services are being cut, while many others can’t get work. The taxpayer was forced to hand over €64 billion to clean up the mess left behind by the bankers. Sleepy regulators and politicians who were cheer-leading during the craziness didn’t help either. So why do bankers feel entitled …

Debt Service and the Promissory note

By Economics Correspondent Seán Whelan @seanwhelanRTE It’s a number that leaps off the page – €1.9 billion in interest for the promissory note payment due next March.  It alone counts for most of the €3 billion jump in debt service costs next year. According to the medium term fiscal statement, the total interest bill for the state is estimated at €6.3 billion this year, but surges to €9.3 billion next year – that’s 48% more interest on debt. Without the …