Oireachtas Joint and Select Committees

Thursday, 7 May 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Pat McArdle:

I don't know how to answer this question. My answer to this ... first of all, I take on board what my two colleagues have said, but I'd like to maybe add to it, to ... I really think some of the inquiry are putting too much emphasis on these short-term forecasts, right? I gave you a table of them so you can see how they evolved in my supplementary statement. The banks, and other stockbrokers, love having a tame economist, but they really don't need them, because you're producing short-term forecasts which is the same as for everybody else. There was 15 people producing short-term forecasts in Ireland and if you look at my table you'll find they're all pretty similar. So I know I'm arguing, I probably wasted ten years of my life doing this stuff, but in the end that's about the bottom line.

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