Oireachtas Joint and Select Committees
Tuesday, 6 September 2016
Committee on Budgetary Oversight
Analysis of Economic Forecasts: Central Bank of Ireland
1:00 pm
Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source
The mandate of the Central Bank is to be conscious of and to make recommendations about possible shocks. Is that not right? The Central Bank stated there is uncertainty as a result of the €13 billion. Is there not a risk of a shock, if you want to put it in those terms? I would have thought it was fairly likely. I would consider it a massive windfall and we should just take the money but from the point of view of knowing the picture, should we not look into the possibility that it may be much more than €13 billion?
Is it likely that this will be the consequence? Why has the Central Bank repeated the assertion that we have changed the rules on the double Irish when we have not done so? It will run for the next five years. The double Irish is still available and, therefore, the potential for the distorting effect and uncertainty about tax owed to the State will continue for the next five years.
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