Brian Lenihan Jnr (Dublin West, Fianna Fail)

Many of the matters referred to, for example, in the newspaper report this morning, were contained in budget documentation at the time so the Deputy's own researcher can establish the existence of various warnings through a simple examination of previous budgetary documentation.

The documents in question set out warnings published in budgets, which were read by all Members of this House, of an over-dependence on the property market. Indeed, the Taoiseach's budget in December 2005 warned of the high proportion of economic activity and employment accounted for by construction and implies economic vulnerability to shock. Those were the words of the Taoiseach in December 2005.

The review of the Department of Finance will look at the work of the Department and the advice it gave to Government. It is very important when risks are identified, as occurred in previous budgets, that these risks are quantified, brought fully into policy decision-making process and their interaction with each other properly assessed.

During his meeting with the Committee of Public Accounts on Thursday 6 May 2010, the Secretary General at the Department acknowledged the Department must review its performance as there are significant lessons to be learned.

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