Business Irish

Saturday 10 December 2016

Top officials meet monthly to weigh risks to the economy

Published 23/06/2016 | 02:30

The spokesman said that while the group is composed of the three bodies, experts from other departments or agencies are invited in if they have a certain expertise in a particular area.
The spokesman said that while the group is composed of the three bodies, experts from other departments or agencies are invited in if they have a certain expertise in a particular area.

The top two officials in each of the Department of Finance, Central Bank and the National Treasury Management Agency (NTMA) meet every month to discuss risks facing the economy.

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Today's UK vote is now the biggest and most pressing risk to the economy here.

The so-called Principals' Group replaced the Domestic Standing Group (DSG) which was in place during the early crisis years.

A spokesman for the Department of Finance said the DSG was made up of representatives of the various agencies, whereas the PG includes the two most senior figures from each of the three agencies.

"It would have a higher standing," the department spokesman said. He added that it was a certainty that the group would have assessed the possibility of a British withdrawal from the European Union, and the potential threat to Ireland, during its recent meetings.

The spokesman said that while the group is composed of the three bodies, experts from other departments or agencies are invited in if they have a certain expertise in a particular area.

The Domestic Standing Group was heavily criticised for its failures to contain the unravelling banking crisis in 2008, including focusing on the share price of Anglo Irish Bank to the exclusion of the broader crisis.

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