Oireachtas Joint and Select Committees

Wednesday, 6 December 2017

Committee on Budgetary Oversight

Fiscal Assessment Report: Irish Fiscal Advisory Council

2:00 pm

Mr. Seamus Coffey:

There is a process for the Department to take on board our concerns through the endorsement function. We can raise issues through that process. If it came to it, we would not necessarily have to endorse the functions.

We are focused in the discussion here on the impact of a hard Brexit, as built in as the central scenario. Of course, there is no guarantee that a hard Brexit will happen. Even if one was to increase the negative impact of a hard Brexit, in an overall case one must work out how likely is that to happen. We obviously do not know the answer to that, and this week has presented numerous difficulties in that regard. Having a hard Brexit as one's central scenario - and maybe not going to the limits of how bad that could be - is likely to be a plausible central scenario given the range of possible outcomes .