A GROUP of 17 leading business and public figures has submitted a wide-ranging report to the Government with ideas that they believe will lead to economic recovery.
The report, A Blueprint for Ireland's Recovery,proposes ways to create jobs, reform the public sector, rebuild international confidence in Ireland and re-engineer the banking system.
The group, which is chaired by businessman Philip Lynch and the chief executive of the Rehab Group, Angela Kerins, submitted the 38-page report to the Department of the Taoiseach last week.
The authors of the report include: Michael Berkery, former chief executive of the Irish Farmers’ Association; former taoiseach John Bruton; businessman Leslie Buckley; former European Parliament president Pat Cox; financier Dermot Desmond; and Fine Gael strategist Frank Flannery.
The other participants are: former Fianna Fáil minister for finance Ray MacSharry; businessman Denis O’Brien; Seán O’Driscoll, chief executive of Glen Dimplex; property developer Michael O’Flynn; former Bank of Ireland chief executive Mike Soden; former National Treasury Management Agency chief executive Michael Somers; former Labour tánaiste Dick Spring; chairman of Goldman Sachs International and formerly of BP Peter Sutherland; and the former secretary general of the Department of Communications Brendan Tuohy.
A spokesman for the group had no comment. “The contents of the report are private until such time as there is engagement with the Government on it,” he said.
The group recommends that the Government go further than the cuts in public spending suggested by economist Colm McCarthy in his “Bord Snip Nua” report.
The public sector should be reduced by about 30,000 jobs and the social welfare system should also be reformed, the report says.
A new minister for competitiveness should ensure that targets are met on public sector reform while electoral and public sector reform should be monitored with regular progress reports.
More than 200,000 jobs can be created, the group argues, by developing five sectors – manufacturing, tourism, agriculture, life sciences and information and communications technology.
The sale of the two big banks, AIB and Bank of Ireland, to international buyers is recommended. The group calls for Nama to be reviewed as it has failed to meet its objectives.
To restore confidence and Ireland’s reputation, an investor relations strategy should be developed to attract overseas investment. Among the targets suggested is that 20 per cent of foreign direct investment should be sourced from south east Asia by 2015.
Ireland should aim to be the most competitive country in the euro zone by 2016, the group says.
