Guaranteed Government Bond to Fund Primary Education
- Published: 25 January 2011
‘The incoming government should issue a new guaranteed Government Bond to attract monies currently on deposit in Irish banks and use it to fund Primary Education’, states Mr Seán Cottrell, Director of the Irish Primary Principals’ Network (IPPN).
Primary education is grossly under-funded in Ireland, with 9 out of every 10 schools having to resort to fundraising and voluntary contributions from parents. A recent IPPN survey indicates that the average 100-pupil school operates at a €6,000 loss each year and that this shortfall must be made up through fundraising.
Personal savings are at an all time high in Ireland. Conservative estimates indicate that over €90 billion is currently on deposit in Irish banks at low interest rates.
‘This Primary Education Bond will enable the next government to borrow money from Irish citizens at a much cheaper rate than we are currently paying the IMF and the ECB. Lenders would have the added bonus of making a contribution to the future of Irish education and it would stem the flow of money out of Irish banks while keeping the debt in Ireland. Similar in concept to the SSIA fund, it would be an attractive option for savers’, states Mr Pat Goff, President of IPPN.
Mr Cottrell outlined some of his organisation’s innovative proposals when he addressed over 1,000 Principals at the annual IPPN Principals’ Conference in the City West Hotel.
‘We need to be creative now as never before’, continues Mr Cottrell. ‘It is important that the strongest possible signal is sent to the rest of the world that, in spite of present difficulties, Irish education will not suffer, and indeed will thrive.’
