McCreevy: Ireland in strong position to cope with recession

EU Commissioner Charlie McCreevy has claimed Ireland is in a strong position to cope with the economic recession.

Speaking in Dublin today, the former Finance Minister said Ireland's economy had grown significantly in the past 12 years and was capable of absorbing the current difficulties.

He said a contraction in economic growth over the coming years would still leave Ireland "at a higher base" than four or five years ago.

However, Mr McCreevy said it was vital that banks began lending again and that consumer confidence was given a boost.