Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John McCarthy:

Okay. I think it needs to be remembered that the economics function was very, very small in the overall Department. Our job was simply to produce the forecasts. People did not come to the economics division to ask, "Should we do this policy or should we not?" Our role was simply to produce the forecasts at the time. That is no longer the case, where we are consulted on wider policy issues. So you cannot have a situation in which there is a change in policy because the economics division is consulted-----

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