Oireachtas Joint and Select Committees

Wednesday, 24 June 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. John McCarthy:

No, I mean, the approach that we take is similar to what would be done in most finance Ministries. We produce a model forecast, a central scenario, the most likely outcome, but then we look at various scenarios around that, upside risks, downside risks, and we model some of those. So we modelled the hard landing, if output was to fall more rapidly than assumed. We did that and we came up with results that ... I think the ESRI published a paper around the same time and they were very, very similar results.

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