Brian Lenihan Jnr (Dublin West, Fianna Fail)

This is important for the country. The Department did not get its forecast wrong for 2010. Yes, there are difficulties with the medium-term forecasts which derive from international factors. Markets are saying that too. If the Deputy has difficulties with the Department's forecasts, he knows with whom he can consult.

Before the nationalisation of Anglo Irish Bank, I relied on information supplied by my Department as supplemented by the exercise conducted by PricewaterhouseCoopers. Immediately prior to nationalisation, an intensive exercise was carried out on Anglo Irish Bank by PricewaterhouseCoopers which made up the framework of the decision to nationalise it.

After nationalisation, I relied on information supplied by my Department, as assisted by the bank's board and management. There was a change in the bank's management upon nationalisation.

For the subsequent information establishing a deteriorated loan book in the bank, I relied on information supplied by my Department, based on the analysis which NAMA had conducted on the bank's books.

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