Oireachtas Joint and Select Committees
Thursday, 2 July 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Brian Cowen:
No, that's the work it does itself ... it would do itself in the context of budgetary preparations, but you will always find ... you don't always find, but you will see that there is always ... you know, there's some ... because ... because they're basically ... they're dealing with the same data within usually the same timeframe, you find ... what's the word? You find a convergence of opinion between these. There might be 0.5% this way or 0.25% but one ... the Central Bank might say it'll be 4.5% growth, someone else'll say it's 4.25% growth, someone else'll say 4% growth - there's a general average position that usually ... usually works out. And the Department of Finance would claim ... the Department of Finance would claim that their ... over the previous five ... over the previous ten years that if you look at it in the forecasting in the context of a ten-year timeframe, taking all the ... you know, all of the predictions over the ten years, that they ended up more accurate than anyone else.
No comments