Professor John FitzGerald:

Going back to what Senator D'Arcy said, if we had plugged in a world economic collapse, we would have had an economic collapse in Ireland. The problem was that nobody was forecasting that until later in the month. Then, six weeks later, we said there was going to be a recession in the course of the economic commentary. We put in inputs but, as I said earlier, it is a cop-out just to blame all the foreign institutions. We should have looked internally at the evidence.