According to the newspaper The Department of Finance says it warned the Government from 2005 onwards about the dangers of a"property bubble"
Internal official documents show this under the Freedom of Information Act.
Briefing material prepared for the department’s secretary general Kevin Cardiff last month states that the department warned over several years that the “over-emphasis on construction left the economy vulnerable to macroeconomic shocks”.
It also defends the department’s performance in failing to forecast the extent of the downturn, and points to similar failures by institutions such as the ESRI, Central Bank and the private sector to predict the magnitude of the slowdown.
The material was prepared for the secretary general ahead of his appearance before the Oireachtas Public Accounts Committee just over a month ago.- Info Car O'Brien at The Irish Times Full report at http://www.irishtimes.com/newspaper/frontpage/2010/0624/1224273191233.html or http://daftproperty.blogspot.com/2010/06/property-bubble-warning.htm l
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