A Cork councillor has called on the Government and State-owned banks to set up a new installment purchase scheme that could ease the debt burden on struggling Irish consumers.
Cllr Kenneth O’Flynn believes that such a scheme, operated through a special banking card, could also inject confidence into the retail sector at a time of declining volume in retail sales.
The local councillor suggests that the card would allow for products—including groceries and other products—to be purchased and paid for by instalments over a period of three months at 0% interest.
“This is about asking the banks that the Irish taxpayer bailed out, and is picking up the tab for, to give something back to the struggling retailer and consumer,” Cllr O’Flynn said.
He added that he would be sending his plans in writing to the Minister for Finance, and called on Cork City Council to support his proposal.