McCreevy’s finances face Mission Impossible

THE ship was on course before the election. No problem with the economy at all. Move along, there’s nothing to see here, according to Finance Minister Charlie McCreevy.

“I can confirm there are no significant over-runs projected and no cutbacks whatsoever are being planned, secretly or otherwise,” he told then Fine Gael leader Michael Noonan on May 13, four days before the election.

But according to Department of Finance figures released this week, tax revenues will be 500 million euro below what was predicted, inflation is higher than forecast while economic growth is slower than expected.