Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Sean BarrettSean Barrett (Independent) | Oireachtas source

And just in this segment, the final one, that the Department advised the Minister in July '08 that economic growth would recover, even after allowing for a 45% decline in housing completions to 45,000 a year. And there was earlier research, in 2004, that every 10,000 reduction in housing output would cost the Government €500 million, so what was happening to our forecasts in that period?

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