Central Bank governor predicts 11% unemployment

The governor of the Central Bank says he expects unemployment to reach 11% before the end of the year.

Appearing before the Oireachtas Committee on Economic Regulatory Affairs today, John Hurley also said he expected economic growth to decline by 6% during 2009.

He said it was very unclear when the global economic downturn would end.

He also said Ireland was suffering from a rapid deterioration in confidence.

Mr Hurley said he supported major reform of the financial sector regulatory system and the Central Bank was working closely with the EU on this issue.