Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Thank you very much, Chair, you are very welcome Mr. McCarthy. Can I start by asking you, after 2004, the IMF, OECD and ECOFIN all clearly recommended a tighter fiscal stance and the building up of a cushion for the time when income from property related transactions would fall. Can you discuss why, in your opinion, the Central Bank's recommendations in Ireland, to the Minister, did not more forcibly highlight this issue?