Central Bank warns of continuing recession

The assistant director general of the Central Bank has warned that there will be no immediate end to the current recession.

Tom O'Connell has been addressing the Oireachtas Sub-Committee on Ireland’s future in Europe.

Mr O'Connell claimed the impact of the financial turmoil was only now being felt in the real economy.

According to Mr O'Connell, the recovery here will be delayed because Ireland’s export markets are in recession.