Susan O'Keeffe (Labour) | Oireachtas source

Mr. Ahern, when you were leaving and, obviously, there was briefings given, obviously, to Mr. Cowen and Mr. Lenihan coming in behind you ... I think you have these documents, DOF03151. This was a briefing document ... so I'm assuming that these would have been briefing documents you would have known about. The Department was saying, "We are now factoring a €2 billion shortfall in taxes but have not publicised this as yet." [this is May 2008] "This represents a significant worsening of the position for this year, with serious consequential impacts for next year." And then it goes on to say in relation to the banks:

There's a virtual cessation of normal wholesale lending activity. There is general negative international sentiment against Ireland. The concerns that initially led to credit markets seizing up last August are persisting. Major financial institutions continue to disclose major write-downs.

So these were the briefing notes passed between Departments at this point. What does that tell you about the state of the economy as you closed the door and left?