Thursday, August 7, 2008

Poles will send home €2bn

POLISH workers here are expected to send more money home than ever this year despite the economic downturn, with some commentators believing it will top €2bn.

Last year, Poles sent €1.33bn home from Ireland, according to the Polish Central Bank, NBP. But the bank estimates the figure this year will reach €1.87bn -- despite anecdotal evidence that Eastern European workers are leaving Ireland because of a fall-off in jobs, especially in the construction sector.

However, the actual figure may be higher. Two-thirds of Poles in Ireland send money home, but just 46pc use a bank account to do so. Others use specialist transfer firms such as Western union, or take it home on flights themselves.

1 comment:

The Reviewer said...

So if there's c250,000 Polish immigrants in Ireland and two thirds send money home, but only 46% do so using bank accounts, which is the only way it can be traced, the figures will be much higher than €2bn.

Now when we factor in the other Eastern European migrant workers we can see the disaster this is having on the Irish economy.