ESRI forecasts its way around the iceberg
Captain Smith of RMS Titanic sits down with his (ESRI) advisers to discuss the condition of the ship (of state).
Chapter 1: Next year, the ESRI forecasts a return to growth of 2.75% led by the export sector.
Translation: Captain, although the ship is at a complete stop and water is flooding across the bow, we expect to be underway at a speed of 2.75% soon.
Chapter 2: The ESRI also said the cost of saving the banking system was manageable and it warned that a rejection of the Croke Park agreement on pay and reform by public service unions could lead to higher borrowing costs for the Government.
Translation: Don’t worry about that iceberg we struck about an hour ago, captain. The damage caused to the hull is manageable and we’ve warned the dead bodies in the flooded compartments that they must agree to our new conditions on pay and reform.
Chapter 3: The ESRI says the cost of NAMA and the banks’ recapitalisation is manageable, but should never have been incurred in the first place.
Translation: But, asks a worried captain, shouldn’t we take a closer look at the damaged hull?
Captain, please, everything is under control. The collision with the iceberg is not part of the ship’s voyage plan, therefore it never happened in the first place.
Anthony Sheridan
Carraig Eoin
Cobh
Co Cork
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