CFOs most gloomy over recovery prospects
Tuesday November 17 2009
CHIEF financial officers are much more gloomy about the prospects for economic recovery than either the Government or the country's biggest stockbroker, a new survey shows.
Most saw growth resuming at the end of 2011 while the Government forecast a resumption of growth in the second half of 2010 and Davy Stockbrokers said it could rebound in months.
The survey of 40 CFOs by Deloitte also shows most executives are unhappy with the Government's efforts to manage the economy.
"An overwhelming majority (89pc) are dissatisfied with the measures the Government has taken to date to address the public finances," the report says.
"CFOs want to see the Government take radical action with a plan for long-term sustainable efficiency including structural reform, review of employee numbers and benchmarking."
A small majority backed the establishment of NAMA, but 60pc believe commercial land is overvalued.
The CFOs were also unhappy with the banking sector, with 89pc saying that the Government should take control of lending and interest rates and some suggesting the Government appoint a minister for banking. "CFOs believe strongly that these macro factors need to be managed and controlled."
- Thomas Molloy
Irish Independent
