Professor Patrick Honohan:

To cut a long story short, I think this is probably an example of toning down. We have in an annex to that report a research paper which still shows some numbers but that, somehow, is not in the main text. The gap, the over-valuation, modest though it proved relative to what subsequently happened, is starting to become a little big so let us not frighten the horses, is, I think, what is going on there. That is consistent with the evidence. This was pursued by the team that were working with me and they could not quite get to the bottom of who took that out at that point.