Sir, - The introduction of a new, consumer friendly, low tax, higher yield savings scheme is the talk of the town right now.
The Government is determined that savers should be getting better value for money on the €170 billion floating around in low interest deposit accounts.
It seems they want to allow this money be invested in private equity, hedge funds, stocks and shares etc etc. This may very well mean higher returns for savers, but will also pay handsomely the banks, brokers and fund managers who facilitate these types of investments.
Surely we would be better off investing this money in the green economy? With State energy agencies using these funds to build publicly owned renewable energy and battery storage projects.
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The Greenlink interconnector was built by Partners Group for roughly €500 million. It was sold months after going live in 2025 for €1 billion. The new owners will enjoy substantial profits over the next 30-40 years.
Private offshore wind and solar schemes will be built with public subsidies to feed Greenlink. It will export green energy to the UK and receive cheap nuclear, renewable and other generated power in return.
A missed opportunity there for us to own at least the Irish side of this vital piece of national infrastructure with guaranteed returns for the State.
The very least the Government could do now is explore the possibility of tying their new savings scheme into some of the renewable energy projects coming down the pipe as a result of Greenlink and the burgeoning offshore wind sector. - Yours, etc,
PATRICK SHARKEY,
Kilcar,
Co Donegal.
